Latest news with #AEONBank
The Star
04-07-2025
- Business
- The Star
AEON Credit valuations to hinge on banking arm
AEON Bank is projected to see losses peak in FY26 and gradually ease from FY27 with breakeven targeted in FY28 and profitability by FY29. PETALING JAYA: Aeon Credit Service (M) Bhd 's valuations will likely be driven by the performance of its loss making subsidiary, AEON Bank (M) Bhd, which is Malaysia's first Islamic digital bank. AEON Credit's management expects the bank to only post a profit in financial year 2029 (FY29) and to run losses till then due to expansion and product development related costs. At its AGM on June 25, AEON Credit had guided to RM80mil to RM90mil in associate losses from its 50%-owned digital banking venture in FY26. 'This represents a 17.1% to 31.8% year-on-year (y-o-y) increase from the RM68.3mil loss recorded in FY25 and exceeds our RM75mil loss forecast by 7% to 20%. The updated guidance also surpasses consensus estimates of RM60mil by 33.3% to 50%. 'Further checks with AEON Credit revealed that the higher projected losses are driven by the rollout of expanded product offerings under AEON Bank, including a personal financing facility of up to RM10,000, business banking services and term deposit offerings,' CIMB Securities said in its report. The research house noted that the expansion entailed higher upfront costs, particularly in digital infrastructure and core banking systems, including cloud deployment, cybersecurity and regulatory compliance. AEON Bank is projected to see losses peak in FY26 and gradually ease from FY27 with breakeven targeted in FY28 and profitability by FY29. The financing company also guided to minimal impact on its business from the expanded sales and service tax (SST) apart from RM1.8mil in SST related costs for FY26 (year ending February). To improve its collections, AEON Credit expects to finalise discussions with two agencies to explore the potential implementation of a salary deduction scheme for civil servant borrowers by this month. This market segment accounts for 19% of its customer base. It might not fully mitigate the risk of rising impairments, particularly in light of elevated household debt levels and living costs. The recent increase in civil servant bankruptcies – triggered by the Malaysian Anti-Corruption Commission's 'Op Sky' investigation and the implementation of Malaysia's 'second chance policy' – may continue to weigh on the creditworthiness of this segment, potentially limiting the effectiveness of the salary deduction mechanism over the longer term. AEON Credit's impairment losses surged 32.9% y-o-y in FY25, driven by an 18.4% y-o-y increase in delinquent accounts. This resulted in a higher net credit cost of 3.87% in FY25 (FY24: 3.35%) and an increase in the non-performing loans ratio to 2.64% (FY24: 2.57%).
The Star
30-06-2025
- Business
- The Star
Digital banks grow deposits
PETALING JAYA: Three out of the five licensed digital banks which have begun operations are showing encouraging numbers, but they are unlikely to pose near to medium-term threats to conventional banks, says UOB Kay Hian (UOBKH) Research. The three digital banks which are operational are GXBank, Boost Bank and AEON Bank, while Ryt Bank and KAF Digital Bank remain in the pilot phase and are currently undergoing controlled testing with selected users to fine-tune their platforms ahead of a broader public rollout. There has been a rapid build-up in deposit taking with GX Bank leading in both assets and customer deposits. According to UOBKH Research, as of September 2024, GXBank reported RM2.4bil in total assets and RM2.2bil in deposits. AEON Bank recorded RM711mil in assets and RM339mil in deposits as at November last year, while Boost Bank, which had commenced operations in late first half of 2024, posted RM819mil in assets and RM573mil in deposits as of March 2025. GXBank's rapid deposit traction was driven by aggressive promotional campaigns and market leading saving account deposit rates of up to 3%. However, these initiatives have since been scaled back as the bank transitions into its second year. AEON Bank and Boost Bank similarly launched high-yield savings accounts, although Boost Bank has adopted a more disciplined strategy, maintaining a lower cost of funds at 1.7%, compared with 3% for its peers. 'Despite these encouraging numbers, the combined asset base of all three operational digital banks remains small, collectively accounting for less than 1% of the total banking sector's RM3.7 trillion in assets as of end-April 2025. 'Even at the regulatory cap of RM3bil per digital bank over their first three to five years, the cumulative RM15bil ceiling represents just 0.4% of the industry's current total assets,' said UOBKH Research in report. It noted that the three digital banks remain loss-making and they had guided it could take more than three years on average to break even. At the same time, established banks continue to advance their own digital agendas and retain broader product capabilities and distribution networks. 'Amid external uncertainties, we favour banks with attractive valuations, high provision buffers and capital management potential for added defensiveness. Our top picks are Hong Leong Bank Bhd , Public Bank Bhd and AMMB Holdings Bhd .' It said AMMB stands out for its capital management, supported by strong CET1 ratios, while Hong Leong Bank and Public Bank offer defensiveness in the current volatile environment, trading below mean price-to-book and backed by their solid provision buffers.
The Star
28-05-2025
- Business
- The Star
AEON Bank celebrates first anniversary with 8x AEON Points, rewarding cashback, prizes and gamified Neko Missions
AEON Bank, lauded as Malaysia's pioneer Islamic digital bank commemorates its first anniversary since its official launch last year on May 26. Within a single year of operation, AEON Bank has garnered recognition as a preferred daily digital banking app among Malaysians, who consistently utilise its intuitive mobile application, Debit Card-i and online features for digital payments and transactions both online and in-store. 'In this digital landscape, consumers increasingly seek banking products and services characterised by accessibility, security and seamless integration with their lifestyles. 'Since our official commencement of operations one year ago, the AEON Bank team has been diligently working to simplify banking for a broad spectrum of Malaysians. 'In our commitment to evolve in tandem with the needs of Malaysians, we have continuously refined our offerings to better serve their banking requirements. 'It is our conviction that digital banking should be inherently user-friendly and inclusive, ensuring that all individuals can participate in the robust digital economy. 'This one-year milestone holds profound significance for our institution, serving as a testament to the trust that our clientele has placed in AEON Bank. 'I extend my sincere gratitude to our current customers and a warm welcome to those who are newly joining us,' said AEON Bank chief executive officer Raja Maimunah Raja Abdul Aziz. In a statement, AEON Bank said that its headway also reflects its commitment to contribute towards the development of the national digital economy. By offering an inclusive, Shariah-complient digital banking services, AEON Bank is also playing an active role in spurring the development of Malaysia's fintech industry. On top of that, it is committed to foster a more inclusive financial future for all, including the unbanked and the underserved. AEON Bank 'One-derful' anniversary show For its first anniversary, AEON Bank is inviting everyone to celebrate together by tuning in to the AEON Bank One-derful Anniversary Show on AEON Bank's official YouTube channel. Customers can redeem special giveaways as part of the Anniversary Neko Missions and win Positively Pink grand prizes. Additionally, seven winning customers also stand a chance to win prizes by participating in the AEON Bank One-derful Giveaway. Customers simply need to use their AEON Bank Debit Card-i to make a grocery purchase of at least RM50 at any grocery outlet, follow AEON Bank's Instagram page @aeonbankmy, and send a Direct Message (DM) with their details and a screenshot of the receipt*. One-of-a-kind grocery card with real cashback reward To mark this meaningful milestone, AEON Bank is introducing a limited edition anniversary AEON Bank Debit Card-i that coincides with its Grocery Rewards campaign, held from May 26 until Dec 31, 2025. This one-of-a-kind AEON Bank Debit Card-i x Grocery Rewards campaign unlocks at least 4% cashback, with no minimum spend for customers who purchase their groceries at any grocery store nationwide*. Every Ringgit spent using the AEON Bank Debit Card-i will be rewarded with AEON Points which translates into real cashback. > Earn 8x + 1x = 9x AEON Points for grocery purchases made using AEON Bank Debit Card-i at AEON Supermarket, AEON BiG and Max Valu, applicable upon scanning the membership code from the AEON Bank app; > Earn 8x AEON Points for grocery purchases made using AEON Bank Debit Card-i. The accumulated AEON Points can be redeemed into cash value that will be deposited safely into your own Savings Account-i. 'Digital banks are catalysing Malaysia's banking and fintech sector — accelerating the adoption of digital payments and cashless transactions and bringing us closer to becoming a truly cashless society. 'As PayNet congratulates AEON Bank on their first anniversary, we remain committed to strengthening our strategic partnership by enabling innovative services, bridging the digital divide and expanding a more inclusive fintech ecosystem that's accessible to everyone, from all walks of life,' said PayNet commercial division senior director Azrul Fakhzan Mainor. Personal Financing-i and Term Deposit-i Realising that many Malaysians struggle in managing their financial needs, while others would like to optimise their fund to reach a financial target, AEON Bank has developed two Personal Banking products for its customers – Personal Financing-i and Term Deposit-i. Personal Financing-i (PF-i) can be a much needed support for those that wish to close the cash flow gap. For example, a customer named Sofia will be receiving her bonus next month, but the deposit for her kitchen renovation needs to be paid within this week. After careful consideration, she opted to apply for the PF-i, as it offers a collateral free, Shariah-complient financing facility of up to RM50,000, with flexible repayment tenure ranging between three to 48 months. She is also keen on the fully online application process for PF-i which can be done via the AEON Bank mobile app, without the hassle of physical paperwork or going to a bank counter. Meanwhile, for customers that would like to substantially grow their savings, Term Deposit-i (TD-i) makes it possible to earn profit on their deposits over a fixed term of various tenure options, with up to 3.08% profit rate p.a. Staying on track with AEON Bank's Savings Pot Budget-minded customers know that they should be putting money aside for emergencies and future financial aspirations. It could also be intended for their dream home and year end vacation. AEON Bank's Savings Pot makes it easy to stay on track, while earning rewarding profits. Customers just need to create a Savings Pot, then transfer any amount from their Savings Account-i to the Savings Pot and easily earn 3.00% p.a. profit rate, with the flexibility to deposit more or withdraw the fund anytime via the app itself. If you are curious about how digital banking can be experienced differently, this anniversary month is the time to optimise on what AEON Bank has to offer. From real cashback to a digital-first banking convenience, kickstart this journey towards easy digital banking, mindful spending and growing your savings. For more details, download the AEON Bank app, browse AEON Bank's website or follow AEON Bank on social media. Watch the One-derful Anniversary Show on YouTube by scanning the QR below.
The Sun
28-05-2025
- Business
- The Sun
AEON Bank One-derful Anniversary
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 28 May 2025 - AEON Bank, Malaysia's pioneer Islamic digital bank, commemorates its first anniversary on 26 May. In conjunction with this milestone, the bank extends its appreciation to its valued customers throughout Malaysia. Within a single year of operation, AEON Bank has garnered recognition as a preferred daily digital banking solution among Malaysians, who consistently utilize its intuitive mobile application and Debit Card-i for digital payments and online transactions. 'In this digital landscape, consumers increasingly seek banking products and services characterised by accessibility, security and seamless integration with their lifestyles. Since our official commencement of operations one year ago, the AEON Bank team has been diligently working to simplify banking for a broad spectrum of Malaysians. In our commitment to evolve in tandem with the needs of Malaysians, we have continuously refined our offerings to better serve their banking requirements. It is our conviction that digital banking should be inherently user-friendly and inclusive, ensuring that all individuals can participate in the robust digital economy without experiencing alienation. This one-year milestone holds profound significance for our institution, serving as a testament to the trust that our clientele has placed in AEON Bank. I extend my sincere gratitude to our current customers and a warm welcome to those who are newly joining us,' said YM Raja Datin Paduka Teh Maimunah Raja Abdul Aziz, CEO of AEON Bank. Accelerating Malaysia's Digital Economy AEON Bank's digital banking headway also reflects its contribution towards the development of the national digital economy. By offering an inclusive, Shariah compliant digital banking services, AEON Bank is also playing an active role in spurring the development of Malaysia's fintech industry. On top of that, it is committed to foster a more inclusive financial future for all, including the unbanked and the underserved. Join the Celebration with AEON Bank One-derful Anniversary Show For this one-derful anniversary, AEON Bank is inviting everyone to celebrate together by tuning in to the ' AEON Bank One-derful Anniversary Show' via AEON Bank's official YouTube page. Customers can redeem special giveaways as part of the Anniversary Neko Missions and win amazing Positively Pink Grand Prizes. Besides that, 7 winning customers also stand a chance to win fantastic prizes by participating in the AEON Bank One-derful Giveaway. Customers just need to use AEON Bank Debit Card-i when making a purchase of at least RM50 on groceries at any grocery outlets, follow AEON Bank Instagram page @aeonbankmy and DM their particulars and receipt screenshot; terms and conditions apply. One of a Kind Grocery Card with Real Cashback Reward To mark this meaningful milestone, AEON Bank is introducing a Limited Edition Anniversary AEON Bank Debit Card-i that coincides with its Grocery Rewards Campaign, held from 26 May until 31 December 2025. Uniquely different compared to any other debit card, AEON Bank Debit Card-i x Grocery Rewards Campaign unlocks a minimum 4% cashback, with no minimum spend for customers who purchase their groceries at any grocery store nationwide, terms and conditions apply. • Earn 8x + 1x = 9x AEON Points for grocery purchases made using AEON Bank Debit Card-i at AEON Supermarket, AEON BiG and Max Valu, applicable upon scanning the membership code from the AEON Bank app • Earn 8x AEON Points for grocery purchases made using AEON Bank Debit Card-i Every Ringgit spent using the AEON Bank Debit Card-i will be rewarded with AEON Points which translates into real cashback. The accumulated AEON Points can be redeemed into cash value that will be deposited safely into your own Savings Account-i. 'Digital banks are catalysing Malaysia's banking and fintech sector — accelerating the adoption of digital payments and cashless transactions and bringing us closer to becoming a truly cashless society. As PayNet congratulates AEON Bank on their first anniversary, we remain committed to strengthening our strategic partnership by enabling innovative services, bridging the digital divide and expanding a more inclusive fintech ecosystem that's accessible to everyone, from all walks of life,' said PayNet's Commercial Division Senior Director, Azrul Fakhzan Mainor. Meanwhile, the sparkly new design of the limited edition Anniversary AEON Bank Debit Card-i would be available soon. Manage Your Finances with Personal Financing-i and Term Deposit-i Realising that many Malaysians struggle in managing their financial needs, while others would like to optimise their fund to reach a financial target, AEON Bank has developed two Personal Banking products for its customers - Personal Financing-i and Term Deposit-i. Personal Financing-i (PF-i) can be a much needed support for those that wish to close the cash flow gap. For example, a customer named Sofia will be receiving her bonus next month, but the deposit for her kitchen renovation needs to be paid within this week. After careful consideration, she opted to apply for the Personal Financing-i, as it offers a collateral free, Shariah Compliant financing facility of up to RM50,000, with flexible repayment tenure ranging between 3 to 48 months. She is also keen on the fully online application process for PF-i which can be done via the AEON Bank mobile app, without the hassle of physical paperwork or going to a bank counter. Meanwhile, for customers that would like to substantially grow their savings, Term Deposit-i (TD-i) makes it possible to earn profit on their deposits over a fixed term of various tenure options, with up to 3.08% profit rate p.a. Stay on Track with Your Financial Goals Through AEON Bank's Savings Pot Budget-minded customers know that they should be putting money aside for emergencies and future financial aspirations. It could also be intended for their dream home and year end vacation. AEON Bank's Savings Pot makes it easy to stay on track, while earning rewarding profits. Customers just create a Savings Pot, then transfer any amount from your Savings Account-i to the Savings Pot and easily earn 3.00% p.a. profit rate, with the flexibility to deposit more or withdraw the fund anytime via the app itself. If you are curious about how digital banking can be experienced differently, this anniversary month is the perfect time to optimize on what AEON Bank has to offer. From real cashback to a digital-first banking convenience, kickstart this journey towards easy digital banking, mindful spending and growing your savings—all with AEON Bank by your side. For more details, click here to browse AEON Bank's website, follow on social media, download the AEON Bank app and remember to tune-in our YouTube channel to join the One-derful Anniversary Show.
Zawya
28-05-2025
- Business
- Zawya
AEON Bank One-derful Anniversary
Rewards Customers with 8x AEON Points, Real Cashback, Grand Prizes and Neko Missions Gamification KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 28 May 2025 - AEON Bank, Malaysia's pioneer Islamic digital bank, commemorates its first anniversary on 26 May. In conjunction with this milestone, the bank extends its appreciation to its valued customers throughout Malaysia. Within a single year of operation, AEON Bank has garnered recognition as a preferred daily digital banking solution among Malaysians, who consistently utilize its intuitive mobile application and Debit Card-i for digital payments and online transactions. "In this digital landscape, consumers increasingly seek banking products and services characterised by accessibility, security and seamless integration with their lifestyles. Since our official commencement of operations one year ago, the AEON Bank team has been diligently working to simplify banking for a broad spectrum of Malaysians. In our commitment to evolve in tandem with the needs of Malaysians, we have continuously refined our offerings to better serve their banking requirements. It is our conviction that digital banking should be inherently user-friendly and inclusive, ensuring that all individuals can participate in the robust digital economy without experiencing alienation. This one-year milestone holds profound significance for our institution, serving as a testament to the trust that our clientele has placed in AEON Bank. I extend my sincere gratitude to our current customers and a warm welcome to those who are newly joining us," said YM Raja Datin Paduka Teh Maimunah Raja Abdul Aziz, CEO of AEON Bank. Accelerating Malaysia's Digital Economy AEON Bank's digital banking headway also reflects its contribution towards the development of the national digital economy. By offering an inclusive, Shariah compliant digital banking services, AEON Bank is also playing an active role in spurring the development of Malaysia's fintech industry. On top of that, it is committed to foster a more inclusive financial future for all, including the unbanked and the underserved. Join the Celebration with AEON Bank One-derful Anniversary Show For this one-derful anniversary, AEON Bank is inviting everyone to celebrate together by tuning in to the ' AEON Bank One-derful Anniversary Show ' via AEON Bank's official YouTube page. Customers can redeem special giveaways as part of the Anniversary Neko Missions and win amazing Positively Pink Grand Prizes. Besides that, 7 winning customers also stand a chance to win fantastic prizes by participating in the AEON Bank One-derful Giveaway. Customers just need to use AEON Bank Debit Card-i when making a purchase of at least RM50 on groceries at any grocery outlets, follow AEON Bank Instagram page @aeonbankmy and DM their particulars and receipt screenshot; terms and conditions apply. One of a Kind Grocery Card with Real Cashback Reward To mark this meaningful milestone, AEON Bank is introducing a Limited Edition Anniversary AEON Bank Debit Card-i that coincides with its Grocery Rewards Campaign, held from 26 May until 31 December 2025. Uniquely different compared to any other debit card, AEON Bank Debit Card-i x Grocery Rewards Campaign unlocks a minimum 4% cashback, with no minimum spend for customers who purchase their groceries at any grocery store nationwide, terms and conditions apply. Earn 8x + 1x = 9x AEON Points for grocery purchases made using AEON Bank Debit Card-i at AEON Supermarket, AEON BiG and Max Valu, applicable upon scanning the membership code from the AEON Bank app Earn 8x AEON Points for grocery purchases made using AEON Bank Debit Card-i Every Ringgit spent using the AEON Bank Debit Card-i will be rewarded with AEON Points which translates into real cashback. The accumulated AEON Points can be redeemed into cash value that will be deposited safely into your own Savings Account-i. "Digital banks are catalysing Malaysia's banking and fintech sector — accelerating the adoption of digital payments and cashless transactions and bringing us closer to becoming a truly cashless society. As PayNet congratulates AEON Bank on their first anniversary, we remain committed to strengthening our strategic partnership by enabling innovative services, bridging the digital divide and expanding a more inclusive fintech ecosystem that's accessible to everyone, from all walks of life," said PayNet's Commercial Division Senior Director, Azrul Fakhzan Mainor. Meanwhile, the sparkly new design of the limited edition Anniversary AEON Bank Debit Card-i would be available soon. Manage Your Finances with Personal Financing-i and Term Deposit-i Realising that many Malaysians struggle in managing their financial needs, while others would like to optimise their fund to reach a financial target, AEON Bank has developed two Personal Banking products for its customers - Personal Financing-i and Term Deposit-i. Personal Financing-i (PF-i) can be a much needed support for those that wish to close the cash flow gap. For example, a customer named Sofia will be receiving her bonus next month, but the deposit for her kitchen renovation needs to be paid within this week. After careful consideration, she opted to apply for the Personal Financing-i, as it offers a collateral free, Shariah Compliant financing facility of up to RM50,000, with flexible repayment tenure ranging between 3 to 48 months. She is also keen on the fully online application process for PF-i which can be done via the AEON Bank mobile app, without the hassle of physical paperwork or going to a bank counter. Meanwhile, for customers that would like to substantially grow their savings, Term Deposit-i (TD-i) makes it possible to earn profit on their deposits over a fixed term of various tenure options, with up to 3.08% profit rate p.a. Stay on Track with Your Financial Goals Through AEON Bank's Savings Pot Budget-minded customers know that they should be putting money aside for emergencies and future financial aspirations. It could also be intended for their dream home and year end vacation. AEON Bank's Savings Pot makes it easy to stay on track, while earning rewarding profits. Customers just create a Savings Pot, then transfer any amount from your Savings Account-i to the Savings Pot and easily earn 3.00% p.a. profit rate, with the flexibility to deposit more or withdraw the fund anytime via the app itself. If you are curious about how digital banking can be experienced differently, this anniversary month is the perfect time to optimize on what AEON Bank has to offer. From real cashback to a digital-first banking convenience, kickstart this journey towards easy digital banking, mindful spending and growing your savings—all with AEON Bank by your side. For more details, click here to browse AEON Bank's website, follow on social media, download the AEON Bank app and remember to tune-in our YouTube channel to join the One-derful Anniversary Show. Hashtag: #AEONBank #OneDerfulAnniversary #DigitalBanking #IslamicBanking #IslamicDigitalBank #ShariahCompliantBank #SyariahComplaintBank #Malaysia #FinancialInclusion #AEONBankDebitCardi #Cashback #AnniversaryShow The issuer is solely responsible for the content of this announcement. ABOUT AEON BANK (M) BERHAD AEON Bank (M) Berhad is Malaysia's first Islamic digital bank, licensed and regulated by Bank Negara Malaysia and the Ministry of Finance. Officially launched on 26 May 2024, we currently offer a suite of Shariah-compliant Personal Banking solutions, such as deposit Savings Account-i, AEON Bank x Visa Debit Card-i, Personal Financing-i, Term Deposit-i, Savings Pots, budgeting tools and a range of digital payment services with strategic partners and merchants, including DuitNow QR, utility bill payments, as well as Neko Missions - Malaysia's first digital banking interactive rewards programme. In 2025, AEON Bank Biz would also be introduced for local entrepreneurs and MSMEs. Being part of the AEON Group conglomerate, AEON Bank (M) Berhad is equally held by AEON Financial Service Co. Ltd. (AFS Japan) and AEON Credit Service (M) Berhad (ACSM). AFS Japan is a comprehensive financial group with roots in the retail sector which operates in Japan and 10 countries across Asia and it is responsible for the AEON Group's financial services business. AEON Group is a pure holding company that comprises eight core businesses and it has continuously been generating balanced growth and is Japan's largest retail group. AEON Group Malaysia consists of eight entities, namely, AEON Co. (M) Bhd, AEON BiG (M) Sdn Bhd, AEON Fantasy (M) Sdn Bhd, AEON Credit Service (M) Berhad, AEON TopValu (M) Sdn Bhd, AEON Global Supply Chain Sdn Bhd, AEON Delight (M) Sdn Bhd and Malaysian AEON Foundation. AEON Group has been a recognizable household brand with more than 200 years of history and evolution in Japan since the Edo era, along with 4 decades of growth in Malaysia, providing consumers with daily financial solutions and diversified retail convenience. Our cloud native agility and AI powered insights, combined with the strength of our Shariah DNA, Malaysian roots and Japanese heritage are our distinguishing factors, while the integration with the AEON ecosystem gives us a competitive advantage of being the only bank in Malaysia with its own nationwide retail network. On top of that, AEON Points loyalty programme offers customers value-added benefits and meaningful rewards, as the AEON Points can be redeemed into cash value, deposited directly into customers' AEON Bank Savings Account-i. AEON Bank (M) Berhad is committed to provide accessible financial solutions for Malaysians. We aim to empower the community in pursuing their financial aspirations and achieve economic independence, hence fostering a more inclusive financial future for all. We will continue to create smiles, connect hearts, as well as contribute towards the Islamic banking development in the region and the nation's fintech digital economy. AEON Bank (M) Berhad
