Thursday, 20 June 2024

Aeon Bank becomes Malaysia's first Islamic Bank

5 min read

KUALA LUMPUR, 8 January 2024 – AEON Credit Service (M) Berhad (“AEON Credit” or the “Company”) today announced that its associated company - AEON Bank (M) Berhad (formerly known as ACS Digital Berhad) (“AEON Bank” or “Bank”) has obtained approval from the Bank Negara Malaysia (“BNM”) and the Minister of Finance to commence its digital banking operations in Malaysia. This positions AEON Bank as the first Islamic digital bank in Malaysia. The approval was granted pursuant to BNM’s validation of the Bank’s operational readiness. AEON Bank is also a subsidiary of AEON Financial Service Co., Ltd.

“Our core mission is to advance the promotion of financial inclusion and Islamic banking. As part of one of Malaysia’s most recognised retail household brands, we aim to provide accessible, inclusive, and Shariah-compliant digital banking solutions to our AEON Group of customers as well as to all Malaysians. It is our intent to empower our communities with access to digital financial services which are simplified, safe and secure,” said Raja Teh Maimunah, Chief Executive Officer of AEON Bank.

“This momentous occasion marks a significant leap forward in redefining financial services provided by the AEON Group and reaffirms our commitment in continuing our support for financial inclusivity,” added Daisuke Maeda, Managing Director of AEON Credit, one of the leading non-bank financial entities in Malaysia.

40-Year Legacy of Customer Trust and Support

AEON is a highly recognised household name that has served Malaysians nationwide over four decades. With the Bank within its stable group of companies, the AEON Group aims to further expand and enhance the provision of its services to its retail and wholesale customers as well as ecosystem partners such as its auto dealers, merchants, suppliers, tenants, amongst others. In addition, the Bank’s advocacy of digital technology will facilitate the introduction of new and innovative products for the AEON Group, thus enhancing the overall value proposition for its diverse customer base and ecosystem partners.

"As AEON Group Malaysia celebrates 40 years of trust, we see AEON Bank as an opportunity to provide more to our loyal customers and business partners who have been the bedrock of our success," Daisuke Maeda emphasised.

Financial Inclusion

AEON Credit is one of the leading non-bank financial institutions that has been promoting financial inclusion by providing access to financing to individuals who have traditionally not been able to access funding. AEON Bank aims to further that commitment by extending financial services to both individuals and small businesses who would not have access to funding and other financial services.

In addition, AEON Bank will also prioritise financial literacy and education initiatives to empower individuals and small businesses with the knowledge and tools to make informed financial decisions.

Rollout Plan

AEON Bank plans for a phased rollout of its new App, beginning with an exclusive beta testing phase with the AEON Group of employees. “As we prepare to introduce our App, we recognize the critical importance of gathering insights and feedback from users to refine and optimise the App. By initially offering access to a select group of beta testers, we aim to collaboratively finetune the App to ensure it meets the expectations of our wider user base upon full release,” explains Raja Teh Maimunah.

AEON Bank targets to unveil its phased rollout in the first half of this year

Re-disseminated by The Asian Banker

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