With the deadline coming to a close, AEON Credit and AEON Financial Services the holding company of AEON Credit in Japan, have jointly submitted an application to Bank Negara Malaysia for a digital bank license.
The financial service operator, joins the ranks of Axiata, TouchNGO and other players, vying for a piece of the action for the highly potential digital banking service that experts are predicting change financial systems indefinitely. AEON currently does not have a banking license but will look forward to get its products accessible to a larger audience through digital banking.
According to Ng Eng Kiat, Chairman of AEON Credit, the group is aiming to establish a digital bank with a new business model in the market, AEON is already a household brand name in Malaysia with its supermarkets, departmental stores and has been offering assistance in vehicle financing, personal financing and various card products, it seeks to leverage on this background to expand its footprint in the digital banking space.
The company has been operating in Malaysia for 25-years and currently has over 4 million existing customers together with an ecosystem of 65 retail outlets and over 13,000 business partners. Ajith Jayaram, Chief Business Officer of AEON Credit Service affirms that AEON Credit can play a role in the process of integration of digital technologies into all areas of economy. “We have an in-depth understanding of all Malaysians, as we are actively engaging to understand consumers’ needs. We are able to design hyper-personalised products and services as well as improve their shopping experience” he added.