AEON Bank is set to become Malaysia’s first Islamic digital bank after receiving approval from the nation’s regulatory bodies.
The subsidiary of AEON Credit Service and AEON Financial Service received approval from Bank Negara Malaysia and the Minister of Finance to initiate its operations in the Southeast Asian nation, according to The Paypers.
AEON Bank’s foray into digital banking aims to provide secure and efficient financial services to customers in Malaysia.
This strategic initiative underscores the bank’s dedication to advancing financial inclusion and Islamic banking practices, ensuring accessibility for all individuals in the region.
The company’s digital banking services in Malaysia are designed to be accessible, inclusive, and Shariah-compliant. The bank aims to provide financing opportunities to individuals and small businesses traditionally underserved by mainstream banking. Additionally, AEON Bank prioritises financial literacy initiatives, empowering clients with the knowledge and tools needed to make informed financial decisions.
The institution is set to focus on delivering comprehensive financial solutions, and this expansion into digital banking reinforces its commitment to staying at the forefront of financial innovation.
Looking ahead, AEON Bank is looking to extensively expand its operations and enhance of its array of solutions for both retail and wholesale members, encompassing ecosystem partners such as auto dealers, merchants, tenants, suppliers, and more.
The firm is also gearing up to introduce its latest app, initiating with an exclusive beta testing phase involving the AEON Group’s employees.
During this stage, valuable feedback and insights from this select group of testers will be carefully considered to guarantee alignment with the expectations of the bank’s customer base. The anticipated timeline for the phased rollout is slated for the first half of 2024.
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