Aeon Bank, one of Malaysia’s five digital banking licence holders, plans to commence operations and debut its banking application by the close of the second quarter of this year (Q2 2024), as confirmed by its CEO, Raja Teh Maimunah Raja Abdul Aziz.
The first Islamic digital bank in Malaysia aims primarily to attract tech-savvy Generation Z consumers and micro, small, and medium enterprises (MSMEs) currently underserved due to their scale, she explained, according to Bernama.
Initially, the bank will offer savings accounts and associated transactions to individuals, with plans to introduce additional products and financing options gradually following the launch of a minimal viable product.
Raja Teh Maimunah stated that Aeon Bank conducted beta testing among its employees to ensure the user-friendliness and broad acceptance of its app among consumers from diverse backgrounds.
She emphasised the importance of digitalisation, noting the increasing adoption of online banking and the necessity of reducing reliance on cash transactions.
Raja Teh Maimunah believes Malaysia has made significant strides in this area but advocates for further advancement.
