AEON Bank leads the way as Malaysia's first Islamic digital bank
As an Islamic digital bank, AEON Bank is regulated under the Islamic Financial Services Act 2013.
AEON Bank (M) Berhad (AEON Bank) marks one of the five digital banks licenced and regulated by Bank Negara Malaysia (BNM) and the Finance Ministry (MoF).
As an Islamic digital bank, AEON Bank is regulated under the Islamic Financial Services Act 2013.
Sinar Daily recently interviewed AEON Bank chief executive officer, Raja Teh Maimunah Raja Abdul Aziz, at its headquarters in Bangsar to learn more about its services.
SINAR DAILY: Can you share the background of AEON Bank?
RAJA TEH MAIMUNAH: AEON Bank was officially launched on May 26, 2024, and we are Malaysia's first Islamic digital bank.
Currently, AEON Bank offers a variety of Shariah-compliant personal banking products, such as the Savings Account-i, the AEON Bank and Visa Debit Card-i, Savings Pots, budgeting tools within the AEON Bank digital application, as well as a range of digital payment services in collaboration with strategic partners, including DuitNow QR and utility bill payments.
Soon, the Business Banking division will introduce microfinancing to assist local entrepreneurs in driving the growth of micro, small, and medium enterprises (MSMEs) in Malaysia.
As an Islamic digital bank, Shariah financial principles are an integral part of our "DNA," and our touchpoints are 100 per cent online.
At the same time, our competitive advantage is built on the unique strength of AEON Bank being part of the integrated ecosystem of the AEON Group, a brand that has been recognised in Malaysia for four decades and for over 260 years in Japan.
Interestingly, the company’s history dates back to 1758 when Okada-ya, the pioneering store of the AEON brand, was established in Japan during the Edo era.
As the only bank in Malaysia with a direct link to an integrated retail ecosystem, AEON Bank can offer added-value rewards to customers across the country.
What is the process to open an AEON Bank Savings Account-i?
The process is easy, and everything can be done online without the need to visit any counter. You just need to download the AEON Bank app from the App Store or Google Play Store and complete the account registration process.
To ensure a smoother online experience, the app is supported by smartphones running iOS 12 and Android 15.
Every customer who opens an AEON Bank Savings Account-i is eligible to receive a thank-you bonus of 1,000 AEON Points, worth RM5. For customers who are already AEON Members, the reward points they have previously accumulated will be visible in the AEON Bank app, including the bonus of 1,000 Aeon Points.
New customers who were not previously AEON Members will be granted automatic membership for free when opening an AEON Bank Savings Account-i and will immediately receive 1,000 AEON Points.
Starting from Sept 1, 2024, they will enjoy an earnings rate of three per cent across all Savings Pots, along with 0.88 per cent profit rate for the Savings Account-i, as well as 1,000 AEON Points as a registration bonus and a physical Debit-i card with no fees.
We have also introduced the AEON Bank Referral Programme ‘Share-Share Lah’. Existing customers who invite their family and friends can earn 1,800 AEON Points, worth RM9, for each successful referral.
What are the advantages of using the AEON Bank and Visa Debit-i Card?
The AEON Bank and Visa Debit-i Card is special and offers various advantages through the AEON loyalty programme. When you make payments using the AEON Bank and Visa Debit-i Card at any store or for online purchases, you will earn AEON Points.
These reward points can then be redeemed for cash back, which will be credited directly to your Savings Account-i.
Currently, the physical Debit-i Card is available for free, and it can be used for shopping anywhere, as well as for cash withdrawals at Automated Teller Machines (ATMs), just like any other bank debit card.
For customers traveling overseas, they can enjoy a one per cent fee exemption on foreign transaction charges when using the Debit-i Card, as well as a 50 per cent discount on withdrawal fees at international ATMs, with a low charge of RM5 for each withdrawal via Visa Plus.
Something exciting also awaits customers this November in conjunction with the Thursday is Better than Friday campaign. Customers are eligible to earn 3x AEON Points when using the Debit-i Card on Thursdays at selected AEON network stores, such as AEON Supermarket, AEON Department Store, AEON BiG, Aeon MaxValu Prime, AEON Fantasy, and Daiso; *terms and conditions apply.
Meanwhile, 2x AEON Points will be awarded for payments made using the Debit-i Card at selected Aeon network stores on Mondays, Tuesdays, Wednesdays, Fridays, Saturdays, and Sundays.
For payments made with the Debit-i Card at other stores or for online purchases, customers will earn 1x AEON Points.
What is the vision of AEON Bank?
AEON Bank understands that digital banks and traditional banks coexist in a symbiotic relationship within the banking industry to meet the diverse needs of consumers.
As an Islamic digital bank, it is easily accessible to customers wherever they are, along with inclusive and ethical Shariah-compliant banking solutions for Malaysians. Furthermore, our agility as a cloud-native bank is empowered by the latest technology through our collaboration with Amazon Web Services (AWS) to drive the development of the banking sector and the fintech industry.
We are also committed to contributing to the development of the nation's digital economy and positioning Malaysia as a hub for Islamic banking in the region.
For more information, visit AEON Bank's website (aeonbank.com.my), scan the QR code provided to download the AEON Bank app, and follow us on social media for updates.
