For centuries, almost every industry in the world has been a male-dominated one. It seemed like both the leadership and non-leadership roles were dominated by men and gender diversity seemed like an unattainable ideal.
However, a significant shift has slowly been seen in the past decade as more and more women have broken through traditional barriers and taken on plenty of leadership roles across dozens of industries, and the finance industry is no stranger.
Research consistently shows that companies with gender-diverse leadership outperform their peers, and the banking industry is no exception. Plus, they tend to also have better financial results.
As per a McKinsey & Company study, they found that companies in the top 25% of gender diversity were 21% more likely to experience above-average profitability.
This trend is driven by a number of factors, including increased awareness of the benefits of diversity, changing societal norms, and the growing number of qualified women in the workforce.
As a result, financial institutions are increasingly recognising the importance of creating an inclusive environment where women can thrive and contribute to their full potential. This not only makes good business sense but also fosters a more equitable and representative workplace.
And Malaysia is no different.
The nation has seen a growing roster of trailblazing women who are reshaping the banking sector and pushing the boundaries of innovation and inclusivity.
If you’ve come across or gone through our previous postings and articles on the Banking After Hours series, some pretty big names in Malaysia’s banking industry like Noor Farilla Abdullah, Group Chief Digital Officer of Bank Islam and Pei Si Lai, CEO of GXBank, might pop up.
These names have sparked the dawn of a transformative era and are setting new benchmarks for innovation and inclusivity.
This time around, we have Raja Teh Maimunah, the CEO of Malaysia’s first digital Islamic bank, AEON Bank, accompanied by our resident guest, AWS’ Head of FSI for Malaysia and the Philippines, Taruni Ramamurthi, who will be sharing their unique journeys and leadership philosophies that are lighting up Malaysia’s financial landscape.
The Leadership Journey of Raja Teh Maimunah at AEON Bank
Raja Teh Maimunah’s career trajectory exemplifies grit and determination. Initially pursuing law at her father’s behest, she soon realised her aptitude for numbers and transitioned to corporate finance at KPMG. Her move to investment banking was unconventional, as she persisted despite being initially rejected.
“I taught myself,” she recalls. “I found books on corporate finance, learned how to build models, and reconstructed them from scratch.”
This tenacity became a hallmark of her career.
Her pivotal transition to Islamic banking began during the Asian financial crisis in the late 1990s. Sensing the need for a values-driven banking approach, she relocated to Bahrain in 2004 to immerse herself in Islamic finance.
“A lot of people said, ‘Are you mad? What’s in Bahrain?’ But it was the right decision,” she jokingly shares.
Personal challenges further shaped her leadership. Becoming a single mother brought a new level of focus and resilience.
“When I became a single mother, everything changed. That was my pivotal moment. It became my driving force to succeed,” she says.
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Raja Teh’s ability to adapt and evolve over the years is evident in her leadership style. Reflecting on her younger self, she admits to being impatient but acknowledges how life experiences mellowed her approach.
“In the early days, I was abrasive because I felt that was necessary in a male-dominated industry. Over time, I learned that love and empathy can take you much further in leadership,” she shares.
Challenges of Building Malaysia’s First Digital Islamic Bank
Leading AEON Bank—a digital-first Islamic institution—comes with its unique challenges. Raja Teh describes the complexity of blending innovation with stringent regulatory requirements as the bank brings together professionals from banking and tech backgrounds, resulting in cultural and operational differences.
She notes that aligning these diverse teams to work cohesively is a significant hurdle.
Another pressing challenge lies in addressing the digital divide. While digital banking aims to promote financial inclusion, underserved populations often lack internet access, creating a digital vacuum.
She emphasises the need for collaborative efforts from the private sector, government, and technology providers to bridge this gap. She believes private sector involvement can play a pivotal role through commercially viable models rather than relying solely on government programs.
Additionally, creating a culture that integrates innovation while adhering to the principles of Islamic banking adds to the complexity. Without a clear roadmap, building something entirely new requires a shared vision and a willingness to navigate uncharted waters among the team.
Taruni Ramamurthi on Culture, Innovation, and Leadership
Taruni Ramamurthi’s journey at AWS underscores the vital role of cultural alignment in leadership. She recalls a memorable insight from her AWS interview process that profoundly influenced her perspective.
“The interview process at Amazon is very unique in that we first look for whether you fit the culture,” she explains. “If you fit, you thrive. If not, you will struggle.”
This focus on cultural compatibility involves discussing career situations, customer challenges, and problem-solving examples with multiple interviewers to ensure a strong match.
During her final interview, a colleague shared a piece of advice that stuck with her:
“If you want to be the smartest person sitting in a room, Amazon is not for you. You have to be very comfortable with being one of many and working with very, very smart people.”
@fintechnewsnetwork What Does it Take to Work at Amazon? Surround yourself with smart people; Taruni Ramamurthi, Head of FSI, Malaysia & Philippines shares the key to learning is admitting that you might not be the smartest person in the room, and learn from everyone. @AWS #fintech #leadership #digitalbanking #womenempowerment #fyp #foryou #aws
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This insight reshaped Taruni’s leadership philosophy, encouraging her to embrace collaboration and continuous learning.
“I’ve always wanted to lead the charge,” she shares, “but what I realised is that opening yourself up to learning from others accelerates growth. Accepting that you don’t know it all is key.”
This emphasis on cultural compatibility has profoundly influenced her leadership philosophy, shifting her focus from individual dominance to valuing collaboration.
“At Amazon, I learned to value collaboration over leading the charge,” she explains.
She also highlights how embracing discomfort and acknowledging gaps in knowledge can drive personal and professional growth.
Her approach to leadership extends to innovation, where solving real-world problems takes precedence over abstract boardroom strategies. AWS’ focus on addressing customer needs aligns closely with Raja Teh’s vision for AEON Bank.
As Taruni puts it, “Innovation is not about boardroom decisions; it’s about tackling real issues that impact customers.”
Additionally, she emphasises the significance of diversity in fostering creative problem-solving. By bringing together individuals from varied backgrounds, teams can arrive at solutions that would be impossible within homogeneous groups.
“Diversity allows for creative solutions that wouldn’t emerge otherwise,” she notes.
The Role of Technology in Transforming Banking
Both leaders agree on the transformative power of technology in banking. Raja Teh Maimunah highlights her bank’s, AEON Bank, integration of tools like JIRA and cloud-based systems to streamline operations.
“We’re leveraging technology to reach customers we couldn’t before,” she says. “Alternate credit scoring and mobile banking lower costs and expand access.”
Taruni adds that technology has broadened the boundaries of what banks can achieve.
“The boxes have become bigger, and boundary lines wider. Technology scales services securely and efficiently, even in regulated industries,” she explains.
She points to AWS’ low-orbit satellite initiative, which aims to bring internet access to underserved regions, as a potential game-changer for financial inclusion.
The adoption of technology also brings challenges, particularly for multi-generational teams.
Raja Teh also notes that managing Gen Z employees is vastly different from managing older generations, as younger team members prefer collaborative tools and instant communication, which pushes us to adapt our workflows.
Raja Teh Maimunah Wants AEON Bank To Drive Social Change
For Raja Teh, banking is a vehicle for social impact.
She envisions using AEON Bank as a platform to elevate the economic status of small entrepreneurs. Drawing from her experience with NGOs, she explains how these initiatives often focus on short-term solutions like street feeding, which only address immediate needs without fostering long-term self-sufficiency.
“The idea of ‘giving the rod instead of the fish’ is very real but also very challenging,” she notes.
She recounts an example of micro-entrepreneurs she has met who could increase their sales with minimal investment, such as purchasing an extra rice pot.
“These are real stories. I’ve spoken to them—they’ve said, ‘If I had two more rice pots, I could sell to more people.’ But who’s going to fund that capex?”
Raja Teh sees AEON’s vast retail ecosystem as a unique opportunity to pilot such initiatives.
She explains, “We can experiment within our network of vendors and suppliers to create sustainable models for supporting small businesses. The top 80% of our ecosystem is already well-supported, but what about the bottom 20%? Those individual FnB shops, the one-store wonders—who is taking care of them?”
@fintechnewsnetwork This May Be AEON Bank CEO’s Last Banking Job Raja Teh Maimunah shares what she hopes will be her legacy after 3 impressive decades in banking. @AEON Bank (M) Berhad #fintech #womenempowerment #leadership #digitalbanking #fyp #foryou
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By leveraging AEON’s ecosystem, she hopes to establish sustainable methods for supporting smaller SMEs and reaching underserved segments. This effort ties directly into her broader goal of fostering economic equality and addressing systemic disparities in the business landscape.
Taruni echoes this sentiment, emphasising AWS’ commitment to creating solutions that address systemic problems.
“Are you solving for a real customer problem? That’s the philosophy that drives our innovation at AWS,” she says.
Closing Thoughts on Legacy and the Future
As these leaders reflect on their careers, the question of legacy looms large. Raja Teh aspires to contribute to a cashless society, viewing it as a cornerstone for economic growth.
“A cashless society reduces inefficiencies and empowers entrepreneurs to access wider markets,” she notes.
She also envisions a future where financial systems are more inclusive, enabling even the smallest businesses to thrive.
Taruni’s focus remains on leveraging AWS’ technological capabilities to bridge digital divides and enable inclusive growth.
“It’s about aligning innovation with real customer needs and driving meaningful societal change,” she says.
Both leaders share a belief in the power of collaboration and innovation to shape a better future.
As Raja Teh aptly puts it, “This may be my last adventure, but I hope it’s one that leaves a lasting impact.”
The journeys of Raja Teh Maimunah and Taruni Ramamurthi embody resilience, innovation, and a commitment to societal progress. Their stories underscore the evolving dynamics of leadership in finance and technology, inspiring a future where inclusion and impact are central to success.
As these trailblazers demonstrate, true leadership is not just about personal achievement but about leaving a lasting legacy of meaningful change.
Watch the full discussion in Banking After Hours: What Will Be AEON Bank CEO Raja Teh Maimunah’s Legacy.
