AEON Bank, a Malaysia-based Islamic digital bank, has announced a strategic partnership with Visa, an American digital payments firm.

This new synergy marks a significant milestone in their commitment towards transforming local consumers’ experience in digital payments and cashless transactions in Malaysia, the duo said in a statement on Monday.

According to the statement, the partnership will kickstart with the roll-out of AEON Bank x Visa Debit Card-i and will soon be expanded to include various digital payment solutions geared towards the growing interests amongst Malaysian consumers that are looking for safe and reliable cashless transactions and digital banking solutions that adhere to Shariah banking principles.

“AEON at large and Visa have a long history of impactful partnerships. Therefore, AEON Bank is excited to partner with Visa and optimize on their innovative capabilities in providing secure, easily accessible and convenient banking solutions to meet the demand of local consumers in Malaysia,

“This would enable our customers to enjoy wide ranging benefits through Visa’s broad network of merchants and partners, while making it possible for us to offer Shariah-compliant solutions to Malaysians from all walks of life,” said Raja Teh Maimunah, Chief Executive Officer of AEON Bank (M) Berhad.

According to the statement, Visa is also pleased to embark on this new journey with a digital bank like AEON Bank, as it combines Visa’s global experience in digital payment technology with AEON Group’s broader retail and finance ecosystem that reach out to an extensive customer base, hence spurring an integration of value-added, seamless digital payment solutions that meet the needs of modern consumers across the omnichannel landscape.

“The payments industry, consumer demands and payment technologies are evolving faster than ever. We are excited to partner with AEON Bank and this strategic partnership will enable us to evolve with the changing landscape,

“By developing the next generation of products and solutions, delivering on our purpose of uplifting everyone, everywhere, we are proud to support the next phase of growth for AEON Bank and transform the way Malaysians pay and be paid,” said Ng Kong Boon, Visa Country Manager for Malaysia.

AEON Bank is a subsidiary of AEON Financial Service Co., Ltd. (AFS Japan) and an associate company of AEON Credit Service (M) Berhad (AEON Credit).

With its establishment as Malaysia’s first Islamic digital bank, AEON Bank said it is committed to provide accessible financial services to all, including the underserved and the unbanked, empowering them to pursue their aspirations and achieve economic independence, while fostering a more inclusive financial future for all.

Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200
countries and territories.

AEON Bank gets nod to commence Islamic digital bank business in Malaysia