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Digital banks: What they are, who they help, and how they differ

Digital banks: What they are, who they help, and how they differ
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Grab s GXBank Becomes First Digital Bank To Receive BNM Approval To Commence Operations

SEA Digest: CAV closes first fund, MoneyLion exits digital Islamic bank consortium; Salim Group backs Mimin

AEON Credit expects its digital bank to be profitable at 4 5 years

AEON Credit Service (M) Bhd, which in April clinched one of five digital bank licences issued by Bank Negara Malaysia, expects its upcoming digital bank to start making a profit upon 4½ years of operations. “We’re looking at year four and a half to make a profit, and to recover the cumulative losses [of the first few years] in the seventh or eighth year,” chief transformation officer Ajith Jayaram tells The Edge. Bank Negara requires digital banks to break even within the first five years of operations.

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