With traditional banks digitalizing their solutions, and lately, new Digital Banks are getting established with BNM regulation and licensing and even PIDM Protection, like GXBank. But for the first time, we finally see Malaysia’s first Islamic Digital Bank, AEON Bank – which is live now and here are some things to know.

AEON Bank Malaysia | AEON Bank Islamic Digital Bank

Unlike GXBank, which is a digital bank and isn’t an Islamic Bank, Aeon Bank becomes a potential option for those who are looking for the latter. So, users who want a Shariah-compliant bank, where currency and money are deemed as a “Mode of Exchange” and that pretty much adheres to the Islamic law – that’s exactly what Aeon Bank is planning to achieve with its Islamic Digital Bank.

On top of that, to make Aeon Bank a little bit more enticing, there are ways to even earn a profit on your savings (this profit counts as Hibah). At the time of writing, That said, since this is their first debut as Malaysia’s First Islamic Digital Bank, Aeon Bank is going further by offering some attention-worthy promotions:

Aeon Bank Promotions

  • 3000 Aeon Points (worth RM15) instantly
  • 3.88% profit Rate per annum, via Savings Pots!
  • 3x AEON Points earned anywhere when you spend
  • Zero card issuance fee (RM12 waived on a physical card)
  • Free 1 Year Membership on AEON Points Programme

This campaign will last till 31st August 2024, so act fast to nab these deals before they fly off the shelves. To be able to open an account with Aeon Bank, you will need a valid Malaysian IC for identity verification and other details required based on BNM’s e-KYC regulations.

Aeon Bank Malaysia

Once verified, you’ll have to make an RM20 deposit within 30 days to activate the account. Take note that, unlike GXBank where your minimum balance can be zero, that’s not the case with Aeon Bank as the RM 20 is to maintain a minimum balance in the account. If you do plan to close the account within three months of opening, then a fee of RM 20 will be charged.

While this is Aeon’s first venture into a digital bank type of setup, it’s no surprise that the company has a strong foot in the financial sector with its Credit Service since 1996, and has a presence in offering credit cards, prepaid cards, AEON Wallet App, EPS, Personal Financing, Insurance Broker and the list goes on.

The Aeon Bank does shake up the Digital Bank competition by a lot and in the meantime, we aren’t sure as to how Aeon will be managing their Prepaid and Credit Card services or will it be consolidated – but that’s one we will find out soon, for that, stay tuned to us. In the meantime, if you are planning to open the Aeon Bank, the app is now available via Play Store and App Store for iOS.


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