With An Islamic Digital Bank Licence, AEON Group Has Plans For Its Community Base

With Bank Negara finally announcing the 5 recipients of the Digital Banking license in Malaysia, AEON Credit Service which is one of the selected entities has plans to roll out its digital bank services catering for the underserved.

The consortium comprising AEON Credit, its parent company, AEON Financial Service Co., Ltd. and MoneyLion Inc. has confirmed that they have obtained approval from the Minister of Finance for an Islamic digital banking licence in Malaysia.

“We are indeed excited and privileged to have obtained the approval for an Islamic Digital Bank licence and be part of Malaysia’s journey in advancing its financial inclusion agenda. AEON Group and MoneyLion share the same vision and aspiration of elevating communities in which we operate”, said Daisuke Maeda, Managing Director of AEON Credit. 

AEON Group has been involved in various business and economic segments over time, while AEON Credit is a non-bank financial services provider that has been providing financial services to its customers in Malaysia for the past 25 years, the group believes the digital bank licence will enable it to expand the scope of its products and services to reach a wider pool of customers.

The aim is to leverage the retail and mall operations strengths, financial services and other businesses to drive the digital bank powered by transformative technology. 

A Malaysian founded, MoneyLion which is a 10% partner in the consortium, is a full-service digital platform delivering mobile banking, investment solutions and personalised solutions to middle-class Americans. They will be the main artificial intelligence, data analytics and technology provider for the digital bank.

“At present, MoneyLion Malaysia employs close to 300 engineers and data scientists in Kuala Lumpur who develop both the interface and underlying technology powering the award-winning MoneyLion app, catering to millions of users in the United States. We invest in the forefront of artificial intelligence technology powering end-to-end solutions from credit underwriting, fraud detection, design, and product operations since day one of our establishment,” said Foong Chee Mun, co-founder of MoneyLion Inc.

Ajith Jayaram, Chief Transformation Officer of AEON Credit said, “We are building a Digital Bank that will be at the forefront of transcending boundaries of technology, banking and humanity”.  

The consortium had earlier applied for a digital bank licence in 2021 with the aim of enabling wider access to financial services for the underserved and unserved market segments. Initially, AEON Credit and AEON Financial Service Co., Ltd. shall each hold 45% equity interest in the proposed digital bank, with the remaining 10% equity to be held by MoneyLion Inc. 

The proposed digital bank would bring to the table the combined expertise of all three companies in providing financial services and solutions to customers, especially from the low and middle-income segments, under the regulatory environments in various countries.  

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