In wanting to meet the strict instructions from Malaysia’s Central Bank (Bank Negara Malaysia — BNM) to rollout their respective digital banking and financing services, two new digital banks have been green-lit to officially operate.
The two — Boost Bank and AEON Bank — made their respective announcements on January 8 2024 and have already moved to trials and various testing phases for their digital banking operations.
For Boost, it will kick off its operations today (January 15 2024) and has begun its alpha testing for its new digital banking platform. This includes launching a savings account that offers a 2.5% interest rate per annum as a trial run for employees of Boost and its consortium partners — Axiata and RHB Banking Group; family and friends; as well as select groups of customers.
“Rooted in the fundamental belief that everyone deserves a bright financial future, we are determined to propel Malaysia into an age of true financial inclusivity, by harnessing the untapped potential of embedded finance with our digital bank. Backed by the consortium’s combined ecosystem and wealth of data, we are uniquely positioned to offer embedded finance. I would like to thank the regulators for their continuous support and guidance,” shared Fozia Amanulla, CEO, Boost Bank.
As for Aeon Bank, which had formerly been known as ACS Digital Berhad and partnered with MoneyLion during the bidding phase, is now fully under AEON Credit Services Berhad and had also declared itself as the first Islamic-based digital bank for Malaysia. While there is no proper date for any launch plans, the AEON Group is working closely with its marketplace partners as it works on mutliple beta-testing phases. It will only engage AEON staff and their families for ongoing and upcoming testing schedules.
“Our core mission is to advance the promotion of financial inclusion and Islamic banking. As part of one of Malaysia’s most recognised retail household brands, we aim to provide accessible, inclusive, and Shariah-compliant digital banking solutions to our AEON Group of customers as well as to all Malaysians. It is our intent to empower our communities with access to digital financial services which are simplified, safe and secure,” added Raja Teh Maimunah, CEO, AEON Bank.
At press time, there is no confirmation or any plans on when exactly both newly approved will be rolling out their services to customers. More details is expected to be released in the coming weeks on their respected social media channels.