Aeon Credit and MoneyLion Consortium Set to Launch Islamic Digital Bank in 2024

The consortium comprising AEON Credit alongside its parent company AEON Financial Service and neobank MoneyLion has secured an Islamic digital banking license in Malaysia.

Initially, AEON Credit and AEON Financial Service will each hold a 45% stake in the proposed digital bank, with the remaining 10% to be held by MoneyLion.

According to a report Per The Edge Markets, the Islamic digital bank is expected to launch operations in two years, subject to operational readiness following a review by Bank Negara Malaysia (BNM).

The proposed digital bank would bring to the table the combined expertise of the three companies in providing financial services and solutions to customers, particularly low- and middle-income segments, within the regulatory environment of various countries.

AEON Credit is part of the AEON Group, a well-known brand in Malaysia, both in retail and mall operations and in financial services, with a strong ecosystem built over nearly 40 years.

The company has served underserved market segments since its incorporation in 1996 and has improved its operations to support the lifestyle of its customers over the past 25 years.

Meanwhile, MoneyLion has established itself as a full-service digital platform that offers mobile banking, investment solutions and personalized solutions to middle-class Americans since its launch in 2013.

They will be the leading provider of artificial intelligence, data analytics and technology for digital banking.

The consortium previously applied for a digital banking license in 2021 with the aim of enabling broader access to financial services for underserved and unserved market segments.

BNM had announced the five recipients of the digital banking licenses last Friday after a month’s delay.

Daisuke Maeda

Daisuke Maeda

“We are indeed delighted and privileged to have been granted approval for an Islamic Digital Banking License and to be part of Malaysia’s journey in advancing its financial inclusion agenda. AEON Group and MoneyLion share the same vision and aspiration to uplift the communities in which we operate.

We believe we are in a position to deliver a digital banking experience to our customers, backed by MoneyLion’s expertise in designing and building a digital financial platform,”

said Daisuke Maeda, Managing Director of AEON Credit.

Foong Chee Mun, co-founder of MoneyLion

Foong Chee Mun

“Currently, MoneyLion Malaysia employs nearly 300 engineers and data scientists in Kuala Lumpur who develop both the interface and the underlying technology powering the award-winning MoneyLion application, serving millions of users in United States.

We’ve been investing in the cutting edge of artificial intelligence technology that powers end-to-end solutions ranging from credit underwriting, fraud detection, product design and operations since day one of our inception.

said Foong Chee Mun, co-founder of MoneyLion.


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