MoneyLion, AEON Get Malaysian Digital Bank License

MoneyLion, AEON Get Malaysian Digital Bank License

Digital finance and lifestyle platform MoneyLion has said that it’s gotten a digital banking license from the Ministry of Finance of Malaysia in a consortium with the Japanese financial group AEON Financial Services and its Malaysian subsidiary AEON Credit Service.

This comes as MoneyLion is trying to roll out its software-as-a-service (SaaS) offering, which will develop tech, data analytics and embedded finance to the consortium.

The license will give the three companies the ability to build a digital bank to offer services to promote financial inclusion for Malaysian customers.

MoneyLion will be in charge of the designing and building of the bank’s digital finance platform.

MoneyLion’s services include helping consumers take control of their financial lives with products to ease the borrowing, saving and investing for customers, offering an experience for customers to learn how to achieve their financial goals.

“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.”

See also: MoneyLion to Buy Even Financial in Deal Worth up to $440M

MoneyLion announced its plan to buy B2B FinTech Even Financial, for a deal that was worth $360 million to $440 million, PYMNTS wrote.

The report said the transaction would allow Even to continue operating as an independent subsidiary of MoneyLion.

Even also plans to work with MoneyLion on the tech for its financial marketplace, offering MoneyLion products for channel partners looking at expanding their work.

“Even has revolutionized how consumers receive recommendations for financial services,” said  Choubey. “Combining Even’s best-in-class recommendation engine with MoneyLion’s powerful first-party products and open architecture marketplace expands the range of products and services available within our platform, while delivering a new distribution channel for Even’s financial partners.”



MoneyLion, AEON Get Malaysian Digital Bank License

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are getting it right and where they need to up their game to deliver a customized shopping experience.

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