Bank Negara Malaysia

Bank Negara Malaysia Approves Two Digital Banks: Boost and AEON Bank

Exciting news as Bank Negara Malaysia gives the green light for Boost and AEON Bank to launch as digital banks!

Bank Negara Malaysia has granted approval to two digital banks to commence operations in Malaysia. Axiata Group Bhd's fintech arm, Boost, in partnership with RHB Banking Group, is set to start as a digital bank. AEON Bank, Malaysia's first Islamic digital bank, also received approval from Bank Negara Malaysia and the Minister of Finance. AEON Bank, affiliated with AEON Credit Service, will roll out in phases in the first half of the year.

The Boost-RHB Digital Bank Consortium has made history as the first primarily Malaysian-owned digital bank to receive regulatory approval for commercial operations. This milestone marks a significant development in Malaysia's digital banking landscape. The consortium's innovative approach and collaboration with Bank Negara Malaysia have paved the way for the launch of Boost Bank.

On the other hand, AEON Bank's entrance into the market as Malaysia's first Islamic digital bank is a groundbreaking move. With a strong focus on Islamic banking principles, AEON Bank aims to cater to a niche market segment while offering innovative digital banking solutions. The approval from Bank Negara Malaysia signifies the recognition of AEON Bank's commitment to providing Shariah-compliant financial services.

In conclusion, the approval of Boost and AEON Bank by Bank Negara Malaysia marks a significant step towards enhancing Malaysia's digital banking ecosystem. With the introduction of these pioneering digital banks, customers can expect a new era of digital financial services tailored to meet evolving market demands and preferences.