AEON Bank Officially Launches In Malaysia

AEON Bank is finally here in Malaysia. AEON, one of the five Digital Bank license recipients from Bank Negara Malaysia, is the country’s first Islamic Digital Bank. Unlike traditional banks, AEON operates entirely online without any physical branches.

Here are some things you should know:

First Islamic Digital Bank

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AEON Bank operates under the Islamic Financial Services Act 2013 (IFSA) and is regulated by Bank Negara Malaysia. It is Shariah-compliant and accessible to all Malaysians aged 18 and above. As a member of Perbadanan Insurans Deposit Malaysia (PIDM), AEON Bank offers deposit protection up to RM250,000.

To register, download the AEON Bank app from the Apple App Store or Google Play Store. The app works on iPhones with iOS 15.0 or later and Android devices with Android 12 or later.

Numberless AEON Bank Debit Card-i

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When signing up, you can request the physical AEON Bank Visa Debit Card-i with Visa Paywave at no cost. AEON Bank is waiving the RM12 issuance fee and delivering the card to your registered address as an intro offer.

Like the TNG eWallet Visa card, the AEON Bank Visa Debit card doesn’t show the usual 16-digit card number, expiry date, or CVV. Only your chosen cardholder’s name is printed on the back.

The debit card allows cash withdrawals at ATMs bearing the MEPS or Visa logo. Local ATM withdrawals via MEPS cost RM1 per transaction, while foreign ATM withdrawals with Visa are USD 1 (about RM4.71).

When using the card abroad, AEON Bank states there’s no FX Markup, but Visa’s foreign exchange rates apply. If prompted to choose a currency, opt for the foreign currency for better rates rather than MYR.

AEON Bank is working on adding Apple Pay and Google Pay support for its Debit card, enabling virtual card users to make cashless payments using smartphones and smartwatches.

DuitNow and DuitNow QR ready

The AEON Bank app supports DuitNow QR. Simply open the app and tap on the scan option. AEON Bank account holders can also receive or transfer funds to other external bank accounts using DuitNow transfer.

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3.88% p.a. Profit Rate with AEON Bank Savings Account-i

As part of its introductory campaign until August 31, 2024, AEON Bank offers a profit rate of 3.88% per annum for its Savings Account-i and Savings Pot.

AEON Bank’s Profit Rate is calculated based on the total balance of your Savings Account-i at the end of each day. However, the profit will be deposited into your account on the last day of the month.

AEON Bank has not disclosed the standard profit rate after the campaign period, so we’ll need to wait until after August 31st to find out.

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3X AEON Points With Debit Card Spending

AEON Bank is offering 3,000 AEON Points upon registration, accessible via the AEON Bank app.

During AEON Bank’s promotion, they will waive the RM12.00 one-year membership fee for the AEON Points Programme.

Using the Visa debit card, you earn 1 AEON Point for every RM1 spent, with triple points available until August 31, 2024. Points apply to card transactions excluding DuitNow QR payments.

Redeem AEON Points at a rate of 200 points to RM1 through the AEON Bank app, effectively offering 1.5x Cashback during the promo.

Presenting your AEON Points Programme barcode from the app at AEON stores earns you 1 AEON Point for every RM1 spent.

Excluded transactions include non-compliant MCC merchant transactions, eWallet top-ups, cash withdrawals, insurance payments, cryptocurrency transactions, void transactions, government payments, and more.

For more information, you can visit Aeon Bank’s website and refer to their FAQ

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