AEON Bank Gears Up for Q2 Launch of Malaysia’s First Islamic Digibank

AEON Bank Gears Up for Q2 Launch of Malaysia’s First Islamic Digibank

by April 22, 2024

AEON Bank is poised to launch its Islamic digital banking operations by the end of the second quarter, targeting tech-savvy Generation Z consumers and underserved micro, small, and medium enterprises (MSMEs), according to CEO Raja Teh Maimunah.

As one of the five entities granted a digital banking license in Malaysia, AEON Bank is gearing up to introduce its banking application soon.

According to The Star, the initial phase of services will include savings accounts and transactional offerings for individuals.

Just two months ago, AEON Bank had announced that it has officially opened registration for those interested to become a customer.

Prospective customers can register through AEON Bank’s mobile banking app, available on Google Play Store and iOS App Store.

Raja Teh Maimunah

Raja Teh Maimunah

Raja Teh Maimunah said that the bank will begin operations with a straightforward product offering and intends to roll out more complex products and financing solutions as it develops.

To ensure the app is accessible and easy to use for a diverse customer base, AEON Bank tested the application with employees first.

Raja Teh Maimunah remarked on the need to advance the digital banking landscape, noting that as society moves towards less cash-dependent transactions, their platform aims to be at the forefront of this transition.

Looking forward, AEON Bank plans to tackle the RM90 billion funding gap affecting smaller enterprises not served by larger financial institutions. Raja Teh Maimunah said that the digital bank plans to roll out its services for the business segment in 2025.

She stated that they are focusing on businesses that use social platforms like TikTok and Instagram, which are typically underserved by traditional banks.

Raja Teh Maimunah stressed the necessity of developing new credit evaluation methods that utilise alternative data, a strength of digital platforms.

The bank is also working towards incorporating Apple Pay and plans to introduce a debit card by the end of the year.


Featured image credit: Edited from Freepik