Digital Finance Leader MoneyLion Expands Enterprise Data and Technology Capabilities with AEON Group, One of Asia’s Largest Retailers and Financial Service Providers
MoneyLion Inc., 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., a Japan-based financial group, and AFS’s Malaysia-based non-bank financial service provider subsidiary, AEON Credit Service (M) Berhad (“AEON Credit”) (KLSE:AEONCR). 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.
“I am incredibly excited about our partnership with AFS and AEON Credit”
For nearly a decade, MoneyLion has been building financial technology that empowers consumers to take control of their financial lives through powerful products that make it easier to borrow, save, invest and earn. MoneyLion’s platform offers an engaging user experience delivering daily curated content designed to educate consumers on how to best achieve their financial goals. MoneyLion’s technology and analytics capabilities also include underwriting, pricing risk and originating credit, at scale. As a result of this experience, MoneyLion’s technology, artificial intelligence and data analytics capabilities have compounded over time to create an industry-leading data advantage with enterprise-ready SaaS applications that will diversify its revenue streams and position the company for further growth.
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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. MoneyLion has a significant presence in Malaysia, employing around 300 engineers and data scientists in Kuala Lumpur that develop both the interface and underlying technology powering the award-winning MoneyLion app, catering to millions of users in the United States.
“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.”
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“We are appreciative of being granted the digital banking license,” added MoneyLion Co-Founder and Chief Technology Officer Chee Mun Foong. “The digital banking license and digital platform will allow the partnership to offer financial services to all Malaysians and will showcase MoneyLion’s end-to-end technology and data capabilities, from credit underwriting, fraud detection to design, and product operations.”
Ajith Jayaram, Chief Transformation Officer of AEON Credit, said, “We want to elevate banking experience of Malaysians as well as integrate other aspects of their lives in an eco-system, by providing advice and hyper-personalization of products and services for customers.
“With our 25 years of experience in serving Malaysians and understanding the underserved communities’ needs and AFS wide-ranging financial businesses including banking in Japan coupled with MoneyLion’s capabilities and expertise, we will be building a Digital Bank that will be at the forefront of transcending boundaries of technology, banking and humanity.”
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