AEON Bank To Launch App, Start Operations By End Of 2Q24

Alex Cheong Pui Yin

22nd April 2024 - 2 min read

AEON Bank has said that it expects to launch its digital banking app and start operating by the end of the second quarter of this year (2Q24).

According to the chief executive officer Raja Teh Maimunah Raja Abdul Aziz, the digital bank will first roll out its savings account and enable all related transactions for its customers. “We will (next) launch a minimal viable product, and as we progress, additional products and financing options will follow,” she said, adding that the bank has done its beta testing among the group’s employees.

Aside from that, Raja Teh Maimunah also revealed that the bank is actively working on including Apple Pay as part of its ecosystem. This is on top of a debit card that it is also looking to launch by the end of 2024 for its customers, in addition to features like Savings Pots, budgeting tools, and a loyalty programme.

Meanwhile, banking products for the business segment under AEON Bank will likely only be launched in 2025. This comes as the bank seeks to tap into the RM90 billion funding gap between large corporations and micro, small, and medium entrepreneurs (MSMEs).

“These could be businesses like TikTok or Instagram shops. That is our target segment, and it aligns with our role in serving the underserved, which is our mandate. These businesses cannot access funding through traditional banks or borrowing methods as credit evaluation needs to be done differently. We have to look at different data sources, (the task) of which only a digital platform can do. So by next year, we will address this gap,” Raja Teh Maimunah further commented.

AEON Bank received its approval to commence its digital banking operations from Bank Negara Malaysia (BNM) and the Ministry of Finance back in January 2024, putting it on the path to becoming Malaysia’s first Islamic digital bank. It is one of five applicants that had won the digital banking licence from BNM in 2022.

(Source: Malay Mail)

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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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