Anna University Chennai – Regional Office, Tiruchirappalli

MoneyLion and AEON Consortium Obtain Approval for Malaysian Digital Banking License

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Tuesday, May 24, 2022
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MoneyLion Inc. (MoneyLion) (NYSE: ML), a leading digital financial services and lifestyle content platform, announced that the Ministry of Finance in Malaysia has awarded a digital banking license to a consortium involving MoneyLion, AEON Financial Service Co Ltd. (AFS) (TSE:8570), a Japan-based financial group, and AFSs Malaysia-based non-bank financial service provider subsidiary, AEON Credit Service (M) Berhad (AEON Credit) (KLSE:AEONCR).

Key Points: 
  • MoneyLion Inc. (MoneyLion) (NYSE: ML), a leading digital financial services and lifestyle content platform, announced that the Ministry of Finance in Malaysia has awarded a digital banking license to a consortium involving MoneyLion, AEON Financial Service Co Ltd. (AFS) (TSE:8570), a Japan-based financial group, and AFSs Malaysia-based non-bank financial service provider subsidiary, AEON Credit Service (M) Berhad (AEON Credit) (KLSE:AEONCR).
  • 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 banks digital finance platform using its scaled technology and data capabilities.
  • We are appreciative of being granted the digital banking license, added MoneyLion Co-Founder and Chief Technology Officer Chee Mun Foong.