AEON Bank (M) Bhd is set to become Malaysia’s first Islamic digital bank, following its success in obtaining approval from Bank Negara Malaysia (BNM) and
AEON Bank, an associate company of AEON Credit Service is Malaysia's first Islamic Digital Bank. It will unveil its phased rollout in the first half of 2024.
The recently announced digital banking licence winners are not seen as major threats and can co-exist with their conventional counterparts, according to analysts. On April 29, Bank Negara Malaysia announced the five successful applicants for the digital banking licences, namely a consortium of Boost Holdings Sdn Bhd and RHB Bank Bhd; a consortium led by GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd; a consortium led by Sea Ltd and YTL Digital Capital Sdn Bhd; a consortium of AEON Financial Services Co Ltd, AEON Credit Service (M) Bhd and MoneyLion Inc; and a consortium led by KAF Investment Bank Sdn Bhd.
The winners of Malaysia’s digital bank licences include a group comprising e-hailing operator Grab Holdings, Singapore Telecommunications and Kuok Bro.
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