Subscription-based Banking Challenger Aion Establishes Business Operations in Belgium

Aion, a newly launched subscription-only banking service provider, is establishing its business operations in Belgium. The bank’s management says that it wants people to get the most out of their money.

Aion has an artificial intelligence (AI)-enhanced service, called MoneyMax, which is meant to motivate users to earn money on their account balances and also spend less on everyday expenses, including online purchases.

Vic Walia, chief marketing officer at Aion, stated:

“Members can earn more, spend less, and save more when they use MoneyMax.” 

Walia added:

“MoneyMax searches for lower loan interest rates, finds ways to cut household utility bills, and compares online shopping with lower price alternatives.”

Aion’s main branch will be launched soon on the Avenue de la Toison d’Or in Brussels. Aion’s services also include an exchange-traded-fund (ETF) investment management product and personal concierge.

Wojciech Sobieraj, CEO at Aion, remarked:

“Moving money, withdrawing money, investing money, exchanging money, borrowing money, and even saving money shouldn’t cost you money. Aion is on a mission to change the way banking is done. Instead of trying to upsell and maximize profits per customer, Aion charges a flat subscription fee.”

Aion says it won’t require subscribers to pay extra ATM, currency exchange, investment or withdrawal charges.

The firm has been financed by multinational investment firm, Warburg Pincus.

Daniel Zilberman, managing director and head of Europe at Warburg Pincus, noted:

“Aion will revolutionize the financial services market in Belgium. Aion’s cloud-based proposition has been designed to deliver unparalleled services, value and trust to both individual and business customers, via an easy-to-use app.”

Zilberman also mentioned:

“Ultimately, the success of any financial services technology company is measured by the quality of its product, technology and management — and in this regard, we believe we are backing the very best.”

The firm’s app will be available for both Android and Apple devices.

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