AEON Bank debuts in Malaysia

Malaysia’s banking landscape witnessed the debut of AEON Bank, the country’s premier Islamic digital bank and the second digital bank overall. Similar to its competitor GX Bank, AEON offers a suite of features, including a complimentary debit card and enticing profit rates for deposits, according to Malaysian national news agency (Bernama).

AEON Bank offers a free debit card and competitive profit rates akin to GX Bank. To activate an account, a minimum deposit of RM20 from an existing traditional bank account is required, serving as both the account’s maintenance fund and an unspendable amount. Closing the account within three months incurs a RM20 closure fee.

The bank has facilitated DuitNow transfers and QR payments from its launch, with a savings pot feature allowing automatic top-ups and round-ups.

A flat annual profit rate of 3.88 per cent is offered, subject to change post-launch campaign.

New users registering before August 31, 2024, receive 3,000 AEON points, coupled with a Visa debit card offering three points per RM1 spent, convertible to cash. The card permits ATM withdrawals with a RM1 MEPS fee per transaction.

Additionally, the launch campaign grants a one-year waiver on membership fees for its points programme, automatically linking existing members to AEON Bank