AEON Bank Is Officially Launched, Malaysia’s First Islamic Digital Bank

Alex Cheong Pui Yin

26th May 2024 - 3 min read

AEON Bank has been officially launched today, making its mark as Malaysia’s first Islamic digital bank. Its banking app is also already live, available for interested individuals to download and register as customers.

At present, AEON Bank will focus first on serving its individual clients, offering a range of personal banking digital products and services, including a savings account-i, Savings Pots with customisable optimisation features, and budgeting tools. Additionally, once you activate your account, you will be able to immediately access your virtual AEON Bank x Visa Debit Card-i (with a physical card sent to you at your request), as well as join the AEON membership programme to earn points for eligible transactions via the debit card-i.

If you are already an existing AEON member, then your membership will be automatically linked to your AEON Bank account (which means that you don’t need to start your membership afresh). The collected points can then be converted to cash that will be credited to your AEON Bank account, which ultimately works somewhat like cashback.

At the launch event, chief executive officer of AEON Bank, Raja Teh Maimunah said that the introduction of AEON Bank is a significant milestone for AEON Group in Malaysia after 40 years of presence in the country. More importantly, it aims to offer safe, simplified, and inclusive shariah-compliant digital banking solutions for all Malaysians.

“We are in the early phase of our product rollout and will continue to introduce more products and features for our personal banking customers. Over time, we will expand our products and services to small businesses,” said Raja Teh.

Raja Teh also offered some insights into AEON Bank’s upcoming plans that are already in the pipeline. For instance, it is hoping to launch personal financing products as part of its upcoming updates, and micro-insurance products in the fourth quarter of 2024, following its recently announced partnership with Zurich. Even more exciting, there are plans to enable support for Apple Pay and Google Pay as well. Business financing, meanwhile, will come some time in 2025.

As part of the public launch campaign, AEON Bank is currently running an introductory campaign that will reward new customers with various exciting sign-up bonuses. These include an instant reward of 3,000 AEON Points, and the ability to earn 3x AEON Points for every RM1 whenever you transact using your AEON Bank x Visa Debit Card-i (instead of the usual rate of 1x AEON Point for every RM1, or 2x AEON Points when you shop at AEON outlets).

AEON Bank will also be hosting a range of on-ground activation events throughout the country, involving special performances, fun family friendly-activities, exclusive merchandise giveaways, and discounted F&B promos by participating brand partners. Kicking off at the AEON Mall Shah Alam’s concourse area from today until 2 June 2024, the AEON Bank roadshow and on-ground activation team will then continue its way to Kelantan, Kuala Lumpur, Johor, Penang, Negeri Sembilan, Perak, Melaka, and Sarawak between June until November 2024.

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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