AEONCR

6.120

-0.11 (-1.8%)

OTHERS AEON CREDIT SERVICE (M) BERHAD ("THE COMPANY" OR "AEON CREDIT") - AEON CONSORTIUM OBTAINS MINISTER OF FINANCE, MALAYSIA APPROVAL FOR ISLAMIC DIGITAL BANK LICENCE

AEON CREDIT SERVICE (M) BERHAD

Type Announcement
Subject OTHERS
Description
AEON CREDIT SERVICE (M) BERHAD ("THE COMPANY" OR "AEON CREDIT")
- AEON CONSORTIUM OBTAINS MINISTER OF FINANCE, MALAYSIA APPROVAL FOR ISLAMIC DIGITAL BANK LICENCE

We refer to the Company’s announcement dated 30 June 2021 on the proposed joint venture between AEON Credit and its holding company, AEON Financial Service Co., Ltd. (“AFS”) and the concurrent application to Bank Negara Malaysia (“BNM”) for a digital bank licence.

 

The Board of Directors of the Company wishes to announce that the Company has been notified by BNM on 29 April 2022 on the approval of an Islamic digital bank licence by the Minister of Finance, Malaysia (“MOF”) to the AEON Consortium, comprising AEON Credit, AFS and MoneyLion Inc. (“MLI”), the identified proposed technology partner in the proposed joint venture. Initially, AEON Credit and AFS shall each hold 45% equity interest in the proposed Islamic digital bank (“IDB”), with the remaining 10% equity to be held by MLI.

 

MLI, a company incorporated and existing under the laws of the State of Delaware, the United States of America, is listed on the New York Stock Exchange since September 2021. The principal activity of MLI is the provision of mobile banking and financial membership platform, with banking, borrowing and investment solutions for its customers in the United States. 

 

The IDB shall commence operations within 24 months from the date of approval of the licence by MOF, subject to a satisfactory operational readiness review by BNM. As stipulated in the Licensing Framework for Digital Banks issued by BNM, the IDB shall operate within an asset limit of RM3.0 billion and maintain minimum capital funds of RM100 million unimpaired by losses during its foundational phase.

 

The proposed joint venture is not anticipated to have any material financial and operational impact on the consolidated results of the Company for the financial year ending 28 February 2023. Further details will be announced upon finalisation and execution of the relevant agreement.

 

The Company will also be seeking the required approval from shareholders on the related party transaction for the proposed joint venture.

 

This announcement is dated 29 April 2022.






Announcement Info

Company Name AEON CREDIT SERVICE (M) BERHAD
Stock Name AEONCR
Date Announced 29 Apr 2022
Category General Announcement for PLC
Reference Number GA1-30032022-00081