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Ministry of Finance in Malaysia offers digital banking licence to MoneyLiaon and AEON consortium

Wednesday 25 May 2022 12:28 CET | News

The Ministry of Finance in Malaysia has awarded a digital banking licence to a consortium involving MoneyLion, AEON Financial Service, and AFS’s non-bank financial service provider subsidiary, AEON Credit Service.

MoneyLion is launching a Software-as-a-Service (SaaS) offering to develop the digital platform and provide technology, data analytics and embedded finance capabilities to the consortium.

MoneyLion’s platform delivers daily curated content designed to educate consumers on how to best achieve their financial goals. MoneyLion’s technology and analytics capabilities also include underwriting, pricing risk, and originating credit, at scale. As a result of this experience, MoneyLion’s technology, artificial intelligence, and data analytics capabilities have compounded over time to create a data advantage with SaaS applications that will diversify its revenue streams and position the company for further growth.

The digital banking license will give MoneyLion, AEON Credit, and AFS the ability to create a digital bank that will offer services which will promote financial inclusion to customers in Malaysia. MoneyLion will be responsible for designing and building the bank’s digital finance platform using its scaled technology and data capabilities. 


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Keywords: regulation, banking license, digital banking, financial services, SaaS
Categories: Banking & Fintech
Companies: AEON Credit Service, AEON Financial Service, MoneyLion
Countries: Malaysia
This article is part of category

Banking & Fintech

AEON Credit Service

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AEON Financial Service

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MoneyLion

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