Birth of the first Islamic digital bank in Malaysia

AEON Credit Service (M) Bhd says its associated company Aeon Bank (M) Bhd has obtained approval from Bank Negara Malaysia and the Minister of Finance to launch digital banking operations in Malaysia, making it the country's inaugural Islamic digital bank.

The approval, granted following Bank Negara's thorough validation of its operational readiness, positions Aeon Bank at the forefront of the nation's digital banking landscape.

Aeon Bank is also a subsidiary of Japan's Aeon Financial Service Co Ltd.

"Our core mission is to advance the promotion of financial inclusion and Islamic banking." Aeon Bank chiwf executive Raja Teh Maimunah said in a statement today.

As part of one of Malaysia's most recognised retail household brands, she said the bank aims to provide accessible, inclusive and Shariah-compliant digital banking solutions to its customers as well as all Malaysians.

"It is our intent to empower our communities with access to digital financial services which are simplified, safe and secure," she added.


Aeon Credit managing director said Daisuke Maeda said the momentous occasion marks a significant leap forward in redefining financial services provided by the Aeon Group.

"It also reaffirms our commitment in continuing our support for financial inclusivity," Maeda added.

With Aeon Bank in its portfolio, the Aeon Group aims to further expand and enhance its services, reaching diverse segments such as auto dealers, merchants, suppliers and tenants.

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 recognise 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," explained Raja Teh Maimunah.

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

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Posted on 08-Jan-2024