Aeon Bank given the go-ahead to commence digital banking operations in Malaysia
Aeon Bank has received approval from Malaysia’s central bank and the ministry of finance to commence operations as it looks to launch Sharia-compliant digital banking services in the country.
Aeon Bank receives approval to launch in Malaysia
Based in Kuala Lumpur and formerly known as ACS Digital Berhad (ADB), the new digital bank, which is a subsidiary of Japanese group Aeon Financial Service (AFS Japan) and an associate company of Aeon Credit Service (M) Berhad, says it aims to boost financial inclusion in Malaysia with its financial services suite for both individuals and small businesses.
The approval comes almost two years after the firm secured its digital bank licence and will be followed by the upcoming launch of its digital app, expected in the first half of this year.
Raja Teh Maimunah, CEO of Aeon Bank, says the company will help provide “accessible, inclusive and Shariah-compliant digital banking solutions” to retail and business customers in Malaysia and customers of the wider Aeon Group.
“It is our intent to empower our communities with access to digital financial services which are simplified, safe and secure,” she says.
The bank is set to pilot a beta testing phase of the app among the group’s employees prior to the launch.
Maimunah says this testing phase is set to “fine-tune” the app to “ensure it meets the expectations of our wider user base upon full release”, highlighting the “critical importance” of a collaborative approach to its design.
