A MoneyLion and AEON Consortium Awarded Digital Banking Licence from Malaysian Ministry of Finance

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.

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. 

"I am incredibly excited about our partnership with AFS and AEON Credit," stated MoneyLion Co-Founder and CEO Dee Choubey. "Malaysia represents a natural opportunity for MoneyLion to take our mission of rewiring the financial system to international consumers. The partnership will showcase MoneyLion's technology, data and embedded finance expertise and is evidence that we are executing on our strategy to diversify our revenue streams through commercialization of our enterprise-ready capabilities."

Source: The Paypers