AEON Bank gets BNM nod to become Malaysia’s first Islamic digital bank

  • Advocacy of digital tech will facilitate introduction of innovative products
  • Chance for AEON Group Malaysia to provide more to loyal customers & partners

Raja Teh Maimunah, CEO of AEON Bank and Daisuke Maeda, Managing Director of AEON Credit

AEON Bank (M) Bhd (formerly known as ACS Digital Bhd) has announced approval from the Bank Negara Malaysia (BNM) and the Ministry of Finance to commence its digital banking operations in Malaysia, positioning it as the first Islamic digital bank in the country.

The approval was granted pursuant to BNM’s validation of the Bank’s operational readiness. AEON Bank is an associate company of AEON Credit Service (M) Bhd and a subsidiary of AEON Financial Service Co, Ltd (AFS Japan).

“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, CEO of AEON Bank.

“This 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.

AEON Bank plans for a phased rollout of its 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 fine-tune the app to ensure it meets the expectations of our wider user base upon full release,” said Raja The, targeting a phased rollout in the first half of the year.

AEON is a recognised household name that has served Malaysians nationwide over four decades. With the Bank within its stable group of companies, 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. It will also prioritise financial literacy and education initiatives to empower individuals and small businesses with the knowledge and tools to make informed financial decisions.

"As AEON Group Malaysia celebrates 40 years of trust, we see AEON Bank as an opportunity to provide more to our loyal customers and business partners who have been the bedrock of our success," Daisuke Maeda stressed.


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