Malaysia’s first shariah­-compliant digital bank AEON Bank has made its digital banking app live for public registration ahead of its official launch on 26 May 2024. Offering a range of exclusive sign-up perks – including an upsized profit rate of 3.88% p.a. – it is the second digital bank to launch in Malaysia.

Upon going live, AEON Bank’s app is already equipped with multiple features and functions ready to go, which include deposits (savings account-i and Savings Pots), DuitNow payment services, and even a debit card-i for application. These are on top of the AEON Points loyalty programme – which is the same programme that is enabled for AEON Wallet, operated by parent company AEON Credit Services (M) Bhd.

Here are some key details for these functions in AEON Bank that you can already check out:

Features & functions in AEON Bank	Details
AEON Bank savings account-i	– PIDM protected – Must maintain minimum balance of RM20 – No fees to open – Profit to be calculated daily, but credited monthly – Abides by ceiling profit rate – Special feature: You can request a preferred number for your bank account (last four digits of your savings account number)! However, this is on a first-come first-served basis and is subject to availability.
AEON Bank Savings Pots	– PIDM protected – Can create up to 20 Savings Pots to customise your savings for different goals and to monitor these goals separately from your main savings account-i – Enabled with extra features like Automatic Top-Up and Round-Up to making the saving process easier – No lock-in period and no fees to use – Same profit rates as savings account-i
DuitNow payment services	– DuitNow Transfer and DuitNow QR are both enabled – Default DuitNow Transfer and DuitNow QR limit is RM5,000 per transaction and RM10,000 per day, but you can change this under “Settings”. Maximum limit is set at RM10,000 per transaction and RM50,000 per day. – Feature to schedule future and recurring transactions is enabled – No charges imposed for DuitNow services for now
Debit card-i (in collaboration with Visa)	– Available as virtual and physical card (must request for physical card to be delivered to you, if you wish to have one) – One-off issuance fee of RM12 for physical debit card (inclusive of delivery fee) and RM8 annual service fee – Virtual card is immediately ready for use within AEON Bank app – Physical card to arrive within six to ten business days after being dispatched – You can lock and unlock your card at any time from the AEON Bank app, which will take immediate effect – Other standard fees will apply (e.g. RM1 MEPS withdrawal fee, RM0.50 MyDebit CashOut fee, and 1% overseas transaction and service fee)
AEON Points loyalty programme	– Earn 1x AEON Points for every RM1 spent on all eligible retail transactions via the AEON Bank Debit Card-i – Earn an extra 1x AEON Points by scanning your AEON Points Programme membership barcode in the AEON Bank app when paying at AEON stores, AEON MaxValu Prime, AEON Wellness, and AEON BiG hypermarkets – AEON Points will be credited within 48 hours after completing online and retail transactions, except for selected items that require delivery – AEON Points can be redeemed for cash via AEON Bank app (conversion rate 200 AEON Points = RM1) – AEON Points earned on AEON Bank can also be viewed in your AEON Wallet app (if you have the AEON Wallet app). The AEON Points programme is synchronised across all AEON Group platforms. – AEON Points are valid for three years from the date they are accumulated – Annual membership fee of RM12 applies if you are an existing AEON Member Plus Visa cardholder

Of course, to celebrate the rollout of the new app and to encourage sign-ups from the public, AEON Bank is currently running a launch promo with special perks and privileges, set to continue from today until 31 August 2024.

To start, all AEON Bank users will be able to enjoy an increased profit rate of 3.88% p.a. for their deposits, applicable to both their savings account-i and Savings Pots – as was hinted at before! That said, do be aware that there is a maximum limit of RM1 billion on the total placement received for this promo, offered on a first-come first-served basis, and AEON Bank has no obligations to inform if the maximum limit has been reached.

Aside from that, there is also a second promo where you will be rewarded with 3,000 AEON Points upon signing up, which can be converted to cash – equivalent to RM15. This is on top of the ability to earn 3x AEON Points for every RM1 spent on eligible transactions during the campaign period, instead of the regular rate of 1x AEON Points (or 2x AEON Points at AEON outlets).

Lastly, AEON Bank is offering to waive the RM12 issuance fee for the AEON Bank Debit Card-i and the RM12 annual membership fee for the AEON Points loyalty programme (for the first year).

If you’re keen to give AEON Bank’s app a try, you can already download it from Google Play and the App Store. The sign-up process is fairly straightforward – with the standard e-KYC identity verification procedure – and you’ll be guided the whole way through. For convenience, be sure to prepare your MyKad in advance.

You’ll also be asked to key in your preferred last four digits for your savings account number during this registration process, so come prepared with your lucky digits (if you have some)! Do note, though, that AEON Bank is currently offered only to Malaysian citizens aged 18 years old and above.

For those who have questions or would like to find out more about AEON Bank, the digital bank will actually be hosting its official launch on 26 May 2024 (this Sunday) at 10am at AEON Mall Shah Alam! You can head on over there to ask your questions, and also to participate in the festivities that are set to take place then as well. Featuring special appearances from well-known celebrities and influencers, AEON Bank will also be organising activities like batik painting, interactive games, and contests to make the event a memorable one for people from all walks of life.

(Source: AEON Bank)

• TAGS:
• AEON Bank
• AEON Bank (M) Bhd
• AEON Bank Savings Pot
• AEON Bank x Visa Debit Card-i
• AEON Points
• Digital Banking
• Digital Banking Licences
• Digital Banking Solutions
• Digital Banks