AEON Bank (M) Berhad officially launched its operations on May 26, 2024, marking a significant milestone as Malaysia’s first fully Islamic digital bank. The launch ceremony, held at AEON Hall, AEON Mall Shah Alam, was attended by prominent figures from the financial sector and government, including Yang Bahagi Datuk Johan Mahmood Merican, Secretary General of Treasury, Ministry of Finance.
From left to right: Datuk Johan Mahmood Merican, Secretary General of Treasury, Ministry of Finance; Raja Teh Maimunah, CEO of AEON Bank (M) Berhad; Daisuke Maeda, Non-Independent Executive Director of AEON Bank (M) Berhad & Chairman ofAEON Credit Service (M) Berhad; Naoya Okada, Managing Director of AEON Co (M) Berhad
AEON Bank offers a variety of Shariah-compliant digital banking solutions for personal banking customers. These currently include:
Savings Account-i: This account offers a competitive profit rate.
Savings Pots: Users can create customized savings pots to achieve specific financial goals.
Budgeting Tools: These tools help users manage their finances effectively.
Customers who activate their accounts can immediately access a virtual AEON Bank x Visa Debit Card-i. A physical debit card option is also available upon request.
AEON Bank emphasizes providing a seamless user experience. New customers signing up during the launch campaign can enjoy a 3,000 AEON Points bonus and earn triple the points on transactions using their new debit card. Additionally, existing members of the AEON Points program will have their membership automatically linked to the AEON Bank app. This integration unlocks further benefits and rewards across the extensive AEON ecosystem, encompassing AEON Malls, supermarkets, and partner merchants. Points earned can be conveniently converted to cash within the user’s AEON Bank account.
AEON Bank is committed to reaching a broad customer base. The launch campaign at AEON Mall Shah Alam featured public activations, family-oriented activities, and exclusive giveaways to engage with the community. This approach will continue with nationwide roadshows planned across eight Malaysian states from June to November 2024.
By prioritizing accessibility, AEON Bank aims to empower all Malaysians, particularly the underserved and unbanked segments, to participate in the financial system and achieve their financial goals. The launch of this Islamic digital bank is a noteworthy development in Malaysia’s evolving financial landscape.
GX Bank, one of Malaysia’s first digital banks, is 100 days into operation. In these 100 days, the digital bank has crystalised its brand purpose and goals to champion financial inclusivity and literacy in Malaysia’s B40 and the underserved. To that end, GX Bank has unveiled Impian GIGih, an initiative targeted at uplifting Malaysia’s B40 class and empowering Malaysia’s Gig workers.
From left to right: Hildah Hamzah, Chief of Staff, GXBank, Fadrizul Hasani, Chief Technology Officer, GXBank, Datuk Wira (Dr) Haji Ameer Ali Mydin, Managing Director, MYDIN, Pei Si Lai, Chief Executive Officer, GXBank, [From GoBarakah] Azrin Ajib, Audri Zin, Firdaus Mohamed (centre, back), Irhzan Mohd Nor
The new Impian GIGih programme takes a sharp focus on Malaysia’s Gig economy, Gig workers and the B40 segment. Through the initiative, GX Bank wants to provide tailored, equitable and inclusive access to financial services to these segments. It also looks to ensure educational accessibility by alleviating the cost of education for underserved families and the B40. It will also work to empower more Malaysians to make better informed financial decisions and planning through financial literacy initiatives.
The programme’s pilot was undertaken in February 2024 with partners MYDIN and GoBarakah. GX Bank and its partners distributed physical and virtual bursaries to the underprivileged. Together with this, GX bank also distributed 500 back-to-school kits to children of B40 families and Grab drivers in Kelantan and Johor Bahru respectively. GoBarakah allowed the “digital” in digital banking to be realised through e-vouchers through its platform. These vouchers could then be used to buy school essentials year-round. GX Bank has also pushed the bar further with scholarships for tertiary studies. These scholarships were offered to children of gig workers and B40 homes. It’s hoped that these scholarships will help uplift these families from poverty.
These efforts are only the tip of the iceberg when it comes to the efforts that are being put forward by GX Bank. The digital bank has also put out a brand video, “Sepoket Impian” to help communicate its brand purpose and its efforts to uplift and empower the underserved, gig workers and Malaysia’s B40 segment.
The digital bank will also be championing financial literacy at its upcoming “Singgah di Semua Bersama GX Bank” happening on March 23, 2024, at Semua House in the nation’s capital, Kuala Lumpur. GX Bank will also be partnering with Euronet, Idemia, Mastercard, Onfido and PayNet for the event. The event takes place from 2 pm to 7 pm.
After a beta test spanning a few months, GXBank Berhad (GXBank), Malaysia’s first digital bank, has officially launched its app. The app will be the main touchpoint for users. It aims to provide a user-friendly and accessible banking experience to millions of Malaysians. GXBank is an officially licensed bank under Bank Negara Malaysia. Being the first digital bank approved and launched, GXBank aims to revolutionize the financial landscape with its innovative approach to banking.
GXBank faces an uphill climb to convince Malaysians to come on board as the first and only digital bank at the moment. However, the bank is committed to promoting financial inclusion and empowering Malaysians to take control of their finances. That said, the bank’s intuitive app, designed with simplicity and accessibility in mind, caters to individuals from all walks of life. It can also be the tipping point for a lot of digital natives as conventional banks continue to struggle to digitize their services to serve digital natives intuitively.
GXBank shares that data gathered during the beta testing phase revealed that Malaysians are actively looking to replenish their savings which might have been affected by the recent pandemic, and they are actively utilizing GXBank’s features to manage their finances responsibly.
The GXBank app actively enables this with their key feature – ‘Pockets’, a digital savings tool designed to encourage and support saving goals. Nearly 50% of beta testers have embraced Pockets, demonstrating the strong appetite among Malaysians to save for emergencies, holidays, and investments.
In addition, GXBank’s debit card, the GX Card, seamlessly integrates with the digital banking experience. The card offers a range of attractive benefits, including unlimited 1% cashback on every transaction, zero markups on foreign transactions, and 1.5x GrabRewards points when used at Jaya Grocer.
GXBank first foray into the digital banking space marks a significant step forward in Malaysia’s digital economy. It now remains for the bank to show that Malaysians are ready for the change that this will mark in their banking habits. The beta test which involved more than 20,000 is a good indication of the Malaysian public’s appetite for alternative banking solutions after dealing with brick-and-mortar banks. It will also mark a significant shift in the banking landscape as conventional banks will now need to compete with new contenders that can have a leg up when it comes to digitization.
GXBank, the Grab-led digital bank, has quietly introduced its GX Debit Card. This announcement comes on the heels of the announcement of its banking app earlier this month. While the current app focuses on basic savings, the anticipation surrounding the debit card launch is generating considerable interest.
According to the GXBank website, the GX Debit Card will be launched soon. The card features a sleek, minimalistic, modern design in renders. It is also being touted to provide users with unlimited 1% cashback on everyday transactions. That is on top of GXBank’s pledge to not markup on exchange rates and have transparent overseas transaction fees for the time being.
The GX Debit Card claims to be “the only cashback card with no limits,” offering 1% cashback across various spending categories. The promotion of an RM1 fee waiver at 10,000 MEPS ATMs nationwide adds to the card’s appeal. However, accessing the card presents a challenge as GXBank’s public beta is limited to 20,000 Malaysians.
Being a digital bank, GX Debit Card users can expect convenient card management through the app – which is not in beta. The app will allow users to self-serve features like freezing the card and customizing transaction preferences. That said, there doesn’t seem to be anything indicating support for popular digital wallets like Apple Pay, Google Pay, or Samsung Pay.
While the GX Debit Card offers enticing cashback benefits, it’s worth noting that there are fees which are currently being waived. According to the documentation available, this includes an RM12 card issuance fee and an RM1 transaction fee for MEPS ATM withdrawals. Additionally, there is a 1.2% administration fee for foreign currency transactions or overseas card use. There isn’t any word on when the fees will be enforced. However, the product information sheet points to the waivers only being until 31 December 2024.
Users interested in trying out the offering from GX Bank will need to register on the waitlist for the app and request the debit card from there. However, there is no word on how long this will take or if GXBank will be expanding the public beta currently underway with 20,000 participants.
GX Bank Berhad (GX Bank) is pushing boundaries as Malaysia’s first digital bank to go to market. The digital bank received approval to operate from Bank Negara Malaysia ahead of the April 2024 deadline. The bank focuses on serving the underserved through innovative channels, including a dedicated app and 24/7 customer support.
After its initial announcement back in September, GX Bank is already rolling out its official app in beta. The beta app is set to roll out to 20,000 Malaysians on November 14, 2023, following successful internal testing. GX Bank’s app is developed to be user-centric. The app comes with a user-friendly interface prioritizing trust and security. Chief Technology Officer Fadrizul Hasani emphasizes compliance with regulatory norms, ensuring user data and funds’ safety.
During beta-testing, users can create a GX Bank Savings Account and set up to 10 “Pockets” for specific savings goals. Money placed in these pockets will earn daily interest of up to 3%. Being the first digital bank to go to market, it may be daunting to be an early adopter. That said, deposits of up to RM250,000 in GX Bank are protected by Perbadanan Insurans Deposit Malaysia (PDIM). In addition, users are able to lock their accounts in case of fraud and limit daily spending. GX Bank is also offering exciting benefits including RM20 cashback with a minimum of RM100 deposit, withdrawal fee waivers, and unlimited cashback with the upcoming debit card feature.
Simple Onboarding Process
GX Bank promises a seamless onboarding experience. With a few taps, users can download the app, complete the eKYC process, upload their MyKad, and deposit a minimum of RM10 to start saving.
To set up your account, all you need to do is:
Download the app from the Google Play Store or Apple App Store
Upload a digital copy of the national identity card (MyKad)
Complete the eKYC process as stated in the app
Add a minimum of RM10 into the savings account and set up Pockets (if you want to)
Existing Grab users can access the GX Bank app through the Grab App.
Touch ‘n Go should not be an unfamiliar name to Malaysians or residents of Malaysia. They are technically the first company in Malaysia to introduce cashless transactions via their Touch ‘n Go prepaid cards for tolls and later for public transportations. They were not the first to introduce an eWallet app for Malaysia, probably one of the latest. At their current state though, they are one of the most widely used eWallet apps in Malaysia.
As one of the most widely adopted eWallet in Malaysia, security and safety in transactions and storing money is a bigger concern than ever before. Even with various digital banking systems in place, scams and fraud activities still can happen. In that regards, Touch ‘n Go has introduced five measures in accordance to Bank Negara of Malaysia’s latest mandatory guidelines for banks to combat fraud and scams on their own platform.
Venturing Beyond Passwords
The first of the five measures implemented by Touch ‘n Go is to move beyond one-time password (OTP) systems to more secure systems. For Touch ‘n Go, that more secure system is through face verification. Facial recognition, as a security measure, is nothing new. It has been a security system that has been introduced on Android smartphones for a long time now and has been made better with each iteration and new technologies. In leveraging a modern smartphone’s camera system, the Touch ‘n Go eWallet app now requires a particular user’s face for app logins, PIN changes, and even perform transactions. They also require users to blink when using the feature just to make sure that offenders are not just using a photo of the user to access the app.
Tighter Fraud Detection and Blocking
Fraud detection has been a large part of operating digital payment systems. Even banks have their own ways and guidelines in handling fraudulent transactions. To ensure they can prevent fraudulent transactions, they have placed a few guidelines and rules to transactions. In some cases, transaction limits are set to prevent certain transactions from happening.
In accordance with the latest guidelines from Bank Negara Malaysia, Touch ‘n Go have implemented new rule sets for transactions. According to Touch ‘n Go, the new rule sets are tighter than before. There is also a new set of thresholds for transactions that will trigger alerts from the app. If any abnormal activities are tracked, an email alert will be sent out to users. Users still can set transaction limits too, in case of transactions where the set limit is breached, users will need to verify the transactions further.
One Device, One Account
While it is not a unique feature at this point, you can only attach your Touch ‘n go eWallet account to a single device. That means that even if you have two smartphones, you can only use your Touch ‘n Go eWallet on one of your devices. You cannot have both devices logged into the eWallet too.
They also introduced a feature called TapSecure on the app. The feature requires users to authenticate and verify transactions via the app. The feature can only be attached to one users’s linked device for transaction approvals within the user’s account.
Still Getting Through Toll Gates
All the new measures point to ensuring that users verify themselves before making any sort of transactions. There is a problem, however. Touch ‘n Go eWallet has been adopted to work with toll gate payments in Malaysia. If the measures are also implemented for toll payments, toll gates could be backed up.
In that sense, Touch ‘n Go is only implementing the security and verification measures based on their risk assessment. For low-risk transactions like toll gate payments, verification will not be required. There are also other low risk transactions implemented within Touch ‘n Go that will not trigger the security measures.
If you are logging into your eWallet for the first time on a new device, there will be a number of limitations to the app usage and transaction limit too within the first 48 hours. That limit also includes topping up the eWallet. Any transactions and top ups that is not within the limit will be rejected outrightly.
Easier to Reach
To bolster the effort in fraud prevention, Touch ‘n Go has also set up their own dedicated channel for fraud and scam reports. The call center will be based out of the National Scam Response Centre, Malaysia’s own fraud and scam response unit and center. The dedicated channel links you directly to a specialized team that will attend to any fraud or scam cases or queries. You can reach them at +603-5022 3888 and select “4” to make any fraud or scam reports.
For more information on Touch ‘n Go’s latest safety measures, you can check out their website.
