Aeon Bank (M) Bhd officially launched its digital bank on Sunday, marking a historic milestone as Malaysia’s first Islamic digital bank.
The launch aims to provide comprehensive, shariah-compliant digital banking solutions to all Malaysians.
At the press conference held during the public launch ceremony, Chief Executive Officer Raja Teh Maimunah Raja Abdul Aziz outlined the bank’s vision. She stated:
We aim to offer safe, simplified, and inclusive shariah-compliant digital banking solutions such as savings accounts, retirement savings plans, various borrowing options, and payment services. This will allow us to offer financial services to our customers comprehensively, helping us achieve our mission.
The digital bank’s services, currently including personal banking products like Savings Account-i and customizable Savings Pots with optimization features, were developed and refined through extensive testing.
Raja Teh Maimunah highlighted the success of the bank’s beta testing phase, which involved over 1,800 participants over 12 weeks.
“The beta test was meant to identify any necessary improvements and fixes. We received a lot of positive feedback on the overall architecture. We did not rush the test and also conducted an alpha test before the beta, ensuring platform stability,” she explained.
Users who activate their Aeon Bank account will immediately gain access to their virtual Aeon Bank x Visa Debit Card-i and can request a physical Debit Card-i.
To celebrate the public launch, Aeon Bank is offering a sign-up bonus of 3,000 Aeon Points and triple Aeon Points for transactions using the Aeon Bank x Visa Debit Card-i, along with a profit rate of 3.88% per annum.
Additionally, Aeon Points Programme members will have their memberships automatically linked with the Aeon Bank (M) app, providing extra benefits and rewards at Aeon Group’s outlets and merchants.
Jointly owned by Aeon Financial Service Ltd and Aeon Credit Service (M) Bhd, both subsidiaries of Japan’s largest retail group Aeon Group, Aeon Bank is set to revolutionize digital banking in Malaysia.
Raja Teh Maimunah expressed optimism about the bank’s potential to perform detailed financial analyses and promote financial inclusion.
In addition to Aeon Bank, a consortium led by KAF Investment Bank Sdn Bhd has also secured an Islamic digital bank licence from Bank Negara Malaysia.
The other recipients of digital banking licences are a consortium of Boost Holdings Sdn Bhd and RHB Bank Bhd, a consortium led by GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd, and a consortium led by Sea Ltd and YTL Digital Capital Sdn Bhd.
