Aeon Bank Achieves Milestone as Malaysia’s First Islamic Bank

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AEON Credit Service (M) Berhad announced a significant development as its associated company, AEON Bank (M) Berhad, has received approval from Bank Negara Malaysia (BNM) and the Minister of Finance to launch digital banking operations in Malaysia. This milestone positions AEON Bank as the country’s first Islamic digital bank. AEON Bank, a subsidiary of AEON Financial Service Co., Ltd., has undergone BNM’s validation of its operational readiness to secure this approval.

Raja Teh Maimunah, CEO of AEON Bank, expressed the company’s commitment to promoting financial inclusion and Islamic banking. As a part of one of Malaysia’s most recognized retail household brands, AEON Bank aims to offer accessible, inclusive, and Shariah-compliant digital banking solutions to its AEON Group customers and all Malaysians. The focus is on empowering communities with simplified, safe, and secure access to digital financial services.

Daisuke Maeda, Managing Director of AEON Credit, emphasized that the approval marks a significant step in redefining financial services within the AEON Group and reaffirms their dedication to supporting financial inclusivity.

With a 40-year legacy of customer trust and support, AEON is a well-established household name in Malaysia. AEON Bank’s entry into the digital banking space is seen as an opportunity to enhance services for retail and wholesale customers, as well as ecosystem partners such as auto dealers, merchants, suppliers, and tenants. The bank’s embrace of digital technology is expected to bring new and innovative products to the AEON Group, contributing to an improved overall value proposition for its diverse customer base and ecosystem partners.

As AEON Group Malaysia celebrates its 40th anniversary, AEON Bank is positioned as a means to provide more to loyal customers and business partners who have been instrumental in the group’s success.

AEON Credit, known for promoting financial inclusion, has a legacy of providing access to financing for individuals who traditionally faced challenges in obtaining funding. AEON Bank aims to build on this commitment by extending financial services to individuals and small businesses with limited access to funding and other financial services.

Furthermore, AEON Bank will prioritize financial literacy and education initiatives, aiming to empower individuals and small businesses with knowledge and tools to make informed financial decisions.

The rollout of AEON Bank’s new app is planned in phases, starting with an exclusive beta testing phase involving AEON Group employees. By gathering insights and feedback during this phase, the company aims to refine and optimize the app to meet user expectations upon its full release. The phased rollout is anticipated in the first half of this year.