Malaysia’s First Islamic Digital Bank, AEON Bank Receives BNM Nod to Launch

Malaysia’s First Islamic Digital Bank, AEON Bank Receives BNM Nod to Launch

by January 8, 2024

AEON Credit Service (M) Berhad today announced AEON Bank (M) Berhad has obtained approval from the Bank Negara Malaysia (“BNM”) and the Minister of Finance to commence its digital banking operations in Malaysia.

The digital bank was formerly known as ACS Digital Berhad and secured the bid for a digital banking license alongside MoneyLion, which has since pulled out from the consortium. 

This announcement marks AEON Bank as the first Islamic digital bank in Malaysia to receive approval from BNM to launch under the new digital banking framework.

The approval was granted following BNM’s validation of the Bank’s operational readiness. AEON Bank is also a subsidiary of AEON Financial Service Co., Ltd.

Raja Teh Maimunah CEO, AEON Bank

Raja Teh Maimunah

“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.

Daisuke Maeda

Daisuke Maeda

“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.

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.

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.

The islamic digital bank targets to unveil its phased rollout in the first half of this year. Similarly, Boost Bank also received regulatory approval to launch today.