Ahead of its upcoming launch, AEON Bank has announced a partnership with Visa to roll out a debit card for its account holders. According to the two companies, the Visa Debit Card-i will be expanded to include various digital payment solutions, although it did not specify exactly what it means by this.
To recap, AEON Bank is one of five consortiums to receive a digital banking licence from Bank Negara Malaysia. Earlier this year, AEON announced that its digital bank has received approval to commence operations by BNM. Since then, it has been beta testing its app and has allowed the public to register their interest.
Currently, the company has yet to announce a launch date for the platform but its CEO Raja Teh Maimunah Raja Abdul Aziz recently revealed that it plans to release the app by the end of the second quarter of this year. It will offer savings accounts and will be targeting Gen Z consumers as well as micro, small, and medium enterprises. Once AEON Bank launches, users of its debit card will be offered rewards and a sign-up bonus.
The digital banking game seems to be a tight race as Grab’s GXBank recently rolled out and became the first digital bank available to consumers while Boost Bank, a partnership between Axiata and RHB Bank, is currently alpha-testing its app with plans to also introduce its app in Q2 2024.
(Source: AEON And Visa Press Release)
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