KUALA LUMPUR: Aeon Credit Service (M) Bhd, a leading non-bank financial service provider in Malaysia and parent Aeon Financial Services Co Ltd (AFS) have jointly submitted an application to Bank Negara Malaysia for a digital bank licence.
Aeon Credit said the collaboration would involve adaptation of transformative technologies and introduction of seamless financial services to customers.
"Aeon Credit aims at bringing financial services to all communities, by revolutionising and democratising banking experience.
"Aeon Financial Service Group aims to establish a digital bank with a new business model in the market, adding dynamism to the banking landscape and contributing to the financial inclusion agenda in Malaysia," said Ng Eng Kiat, chairman of Aeon Credit in a statement today.
Ng said Aeon is a household brand name in Malaysia, both in the retail and financial services area, stretching its footprint to supermarkets, departmental stores, consumer durable goods and vehicle financing, personal financing and various card products.
"Aeon will leverage on its ecosystem to capitalise on our extensive access to customers, industries, talents and technologies," he added.
Ng said Aeon Credit had a 25-year track record operating in Malaysia.
"We have over four million existing customers together with an ecosystem of 65 retail outlets and over 13,000 business partners through Aeon Co (M) Bhd as well as Aeon Credit physical touchpoints," he added.
Aeon Credit chief business officer Ajith Jayaram said Malaysia was on a digital transformation journey, and the company was happy to play a small role in the process of integration of digital technologies into all areas of economy.
"We have an in-depth understanding of all Malaysians, as we are actively engaging to understand consumers' needs.
"We are able to design hyper-personalised products and services as well as improve their shopping experience. Hence, we believe that our business proposition will allow us to serve all our customers better," he added.