Aeon Bank Review 2024: Leading Islamic Digital Bank Malaysia 

AEON Bank, recently launched as Malaysia’s first Islamic digital bank similar to GXBank Digital Bank Malaysia, is setting a new benchmark in the country’s financial landscape. With its official launch in May 2024, AEON Bank has positioned itself as a trailblazer, offering Shariah-compliant digital banking solutions. The bank is a subsidiary of AEON Financial Service Co., Ltd., and AEON Credit Service (M) Berhad, leveraging the extensive experience and robust infrastructure of its parent companies to provide innovative and secure banking services. AEON Bank aims to deliver a seamless, inclusive, and simplified banking experience to all Malaysians, making high-quality financial services accessible to everyone, regardless of their location or background. This review will delve into what makes AEON Bank a reliable and attractive choice for digital banking in Malaysia. Check out our article about the best digital bank Malaysia 2024 to learn more about other banks like GXBank, Boost Bank and BigPay.

Introduction to AEON Bank: Malaysia’s First Islamic Digital Bank

1. License and Regulations

AEON Bank operates under the Islamic Financial Services Act 2013 (IFSA) and is regulated by Bank Negara Malaysia, ensuring it meets stringent regulatory requirements. As a member of Perbadanan Insurans Deposit Malaysia (PIDM), deposits are protected up to RM250,000, providing peace of mind to depositors. This regulatory framework ensures that AEON Bank adheres to the highest standards of financial stability and customer protection

2. Financial Health

AEON Bank’s financial health is underpinned by the strong backing of its parent companies, AEON Financial Service Co., Ltd., and AEON Credit Service (M) Berhad. This solid foundation ensures robust financial management and stability. According to Ringgit Plus Malaysia, the bank has shown promising financial performance since its launch, offering competitive profit rates and maintaining transparency in its operations. The bank’s commitment to financial inclusion and accessibility is also a testament to its strategic focus on long-term sustainability​.

3. Products and Services

AEON Bank offers a range of Shariah-compliant products and services tailored to meet the needs of modern customers. Key offerings include:

• Savings Account-i: Offering an impressive 3.88% p.a. profit rate, which is highly competitive in the market.
• AEON Bank Visa Debit Card-i: A numberless debit card with no issuance fee during the promotional period, supporting Visa Paywave and integrated with DuitNow QR for easy transactions.
• DuitNow and DuitNow QR: Enabling seamless fund transfers and payments via QR codes, enhancing convenience for users.

These products are designed to provide maximum value and convenience, with a strong emphasis on digital innovation and customer-centric features​

4. Fees and Rates

AEON Bank stands out for its customer-friendly fee structure. The bank waives many common fees, such as the RM12 issuance fee for the debit card during promotional periods. Local cash withdrawals at MEPS ATMs cost RM1 per transaction, while foreign withdrawals are subject to a minimal fee. The competitive profit rate of 3.88% p.a. on savings accounts is a significant draw for customers looking for higher returns on their deposits​. More information check out SoyaCincau for their review about Aeon Bank Malaysia.

5. Customer Service

Customer service is a cornerstone of AEON Bank’s operations. The bank offers 24/7 customer support through its digital channels, ensuring that assistance is always available when needed. This round-the-clock service enhances the overall customer experience, making it easy for users to resolve issues and get help at any time​

6. Security and Technology

AEON Bank prioritizes the security of its customers’ data and transactions. The bank employs advanced security measures, including multi-factor authentication and encryption technologies, to safeguard against fraud and cyber threats. The use of cutting-edge fintech solutions and AI-driven processes further enhances the security and efficiency of its digital banking services

AEON Bank: Key Benefits and Unique Advantages

AEON Bank stands out in Malaysia’s banking sector with a range of unique benefits and advantages that cater to the needs of modern, digitally-savvy customers. Here are some of the key highlights:

1. Shariah-Compliant Banking: As Malaysia’s first Islamic digital bank, AEON Bank provides Shariah-compliant financial products and services. This ensures that all banking activities are in line with Islamic principles, making it an appealing choice for customers seeking ethical banking solutions.
2. High Profit Rates: One of the standout features of AEON Bank is its competitive profit rates. For instance, the AEON Bank Savings Account-i offers a remarkable 3.88% p.a. profit rate, significantly higher than many traditional banks. This attractive rate helps customers grow their savings more effectively.
3. Strong Regulatory Framework: Being regulated by Bank Negara Malaysia and covered under the Perbadanan Insurans Deposit Malaysia (PIDM), AEON Bank provides a secure and reliable banking environment. This strong regulatory oversight guarantees that customer deposits are protected up to RM250,000.
4. Financial Inclusion: AEON Bank’s mission is to promote financial inclusion, offering accessible banking services to all Malaysians. By eliminating the need for physical branches and providing an entirely digital banking platform, AEON Bank makes banking accessible to underserved and remote communities.

In summary, AEON Bank’s unique combination of Shariah-compliant banking, competitive profit rates, innovative digital solutions, exceptional customer service, cost-effective fee structures, strong regulatory framework, and commitment to financial inclusion makes it a top choice for those looking to modernize their banking experience in Malaysia.

Does AEON Bank Offer Loans?

Yes, AEON Bank offers a variety of loan products through AEON Credit Service. These include personal financing, auto financing, and motorcycle financing. The AEON i-Cash Personal Financing is an unsecured Islamic financing option available for amounts ranging from RM1,000 to RM100,000, with flexible repayment tenures and no collateral required. The auto financing option, AEON Auto Financing HP-i, offers up to 90% financing for new and used cars with flexible loan tenures up to 108 months. These loan products are designed to meet the diverse needs of customers, providing flexible and Shariah-compliant financing solutions​

AEON Bank Malaysia : Exciting Bank Promotion and Bonuses

AEON Bank is rolling out several exciting promotions designed to enhance your banking experience and reward your loyalty. Here’s a look at the current offers:

Welcome Bonuses and AEON Points

• Instant Rewards: New customers receive an instant reward of 3,000 AEON Points upon signing up.
• Triple AEON Points: Earn 3x AEON Points for every RM1 spent using your AEON Bank Visa Debit Card-i during the promotional period, instead of the usual 1x point per RM1. Shop at AEON outlets to earn 2x points.

Exclusive Events and Giveaways

• On-Ground Activation Events: AEON Bank is hosting events nationwide, featuring special performances, family-friendly activities, exclusive merchandise giveaways, and discounted food and beverages. These events will be held in various locations including AEON Mall Shah Alam, Kelantan, Kuala Lumpur, Johor, Penang, Negeri Sembilan, Perak, Melaka, and Sarawak from June to November 2024.

Free Membership Offer

• One-Year Free Membership: Enjoy a complimentary one-year membership with AEON Bank, providing you with exclusive benefits and access to special offers and discounts.

Benefits for Loyal Customers

• Enhanced Customer Experience: Participate in these events to not only enjoy the rewards but also to learn more about AEON Bank’s innovative digital banking services and how they can simplify your financial life.

For more details and to stay updated on these promotions, visit the AEON Bank Promotions Page.

With these attractive promotions, AEON Bank continues to demonstrate its commitment to providing value and enhancing the banking experience for all Malaysians.

AEON Bank App: Step-by-Step Guide to Your Digital Banking Solution

Getting started with AEON Bank’s digital banking app is straightforward and designed for user convenience. Here’s a detailed step-by-step guide to help you navigate the process:

Step 1: Download the AEON Bank App

• For iOS Users: Visit the Apple App Store and search for “AEON Bank.” Ensure your device is running iOS 15.0 or later.
• For Android Users: Go to the Google Play Store and search for “AEON Bank.” Make sure your device is running Android 12 or above.

Step 2: Sign Up and Verify Your Account

1. Launch the App: Open the AEON Bank app on your device.
2. Sign Up: Tap on “Sign Up” and enter your mobile number.
3. Verification: You will receive an OTP (One-Time Password) via SMS. Enter this OTP to verify your mobile number.
4. Personal Information: Fill in your personal details, including your full name and email address.
5. Identity Verification: Upload a clear photo of your IC (Identity Card) and follow the instructions for facial recognition verification to complete the KYC (Know Your Customer) process.

Step 3: Set Up Security Features

1. Create Passcode: Set up a 6-digit passcode for secure access to your account.
2. Enable Face ID: If your device supports it, enable Face ID for added security and convenience.

Step 4: Activate Your Account

1. Initial Deposit: Make an initial deposit into your AEON Savings Account-i. This can be done through various payment methods supported by the app.
2. Account Activation: Once the deposit is made, your account will be activated, and you will receive a confirmation notification.

Step 5: Request and Activate Your Debit Card

1. Request Physical Card: Within the app, you can request a physical AEON Bank Visa Debit Card-i. The card is currently offered free of charge during the promotional period.
2. Delivery and Tracking: The card will be delivered to your registered address. You can track the delivery status within the app.
3. Activate Debit Card: Upon receiving your debit card, activate it via the AEON Bank app. You can also set spending limits, freeze the card if needed, and manage online transaction settings.

Step 6 :Explore and Use AEON Bank Features

1. AEON Points: Start earning AEON Points for transactions made with your AEON Bank Visa Debit Card-i. Enjoy triple points for every RM1 spent during the promotional period.
2. DuitNow Integration: Utilize DuitNow and DuitNow QR for seamless fund transfers and payments.
3. Budgeting Tools: Take advantage of the app’s budgeting tools and Savings Pot feature to optimize your financial management.

Customer Support

If you encounter any issues during the setup process or while using the app, AEON Bank provides 24/7 customer support. Contact them via the app for prompt assistance.

By following these steps, you can quickly set up and start using AEON Bank’s digital banking services, enjoying a range of features designed to simplify and enhance your banking experience​

FAQ

• What is AEON Bank?

AEON Bank is a company set up to undertake digital banking business in Malaysia. The consortium is led by AEON Financial Service Co. Ltd and AEON Credit Service (M) Berhad is one of the 5 consortiums that was granted Digital bank license and one of two Islamic bank license holders.

• What are the requirements for me to become an AEON Bank customer?
  All you need is a working smartphone with both front and back cameras, a valid Malaysian Identity Card (MyKad) for identity verification, and an existing non-joint personal savings or current account (any bank) to make the initial deposit, as required by Bank Negara Malaysia’s (BNM) e-KYC regulations.

• How can I register to become an AEON Bank customer?
  You may register by downloading AEON Bank’s mobile banking app from Google Play Store or iOS App Store and follow the step-by-step instructions to become an AEON Bank customer.
  
  To ensure you can download and access the app, please ensure your device’s region settings are set to Malaysia.

• Do I need to open a Savings Account-i with AEON Bank to access its products and services?

You need to open a Savings Account-i with AEON Bank before applying for the facility. This account will function as the channel for fund disbursement and will also be used to set up the auto-debit for monthly instalment payments. 

• I already have AEON Wallet, do I also need to have an AEON Bank account? What is the difference between AEON Wallet and AEON Bank?

Yes, you still need to have an AEON Bank account to enjoy our full suite of financial services and benefits. Below are the differences between AEON Wallet and AEON Bank:

1. AEON Bank, operated by AEON Bank (M) Berhad, is a digital Islamic bank that offers digital financial services such as a savings account and debit card for the time being.
2. AEON Wallet is a virtual e-wallet operated by AEON Credit Service (M) Berhad that allows customers to store payment cards electronically on a smartphone or mobile device.