AEON Bank and Universiti Malaya Partner Through MoU to Boost Industrial-Academic Collaboration

AEON Bank (M) Berhad, Malaysia’s first Islamic digital bank, has signed a Memorandum of Understanding (MoU) with Universiti Malaya (UM), the country’s leading public university. This MoU marks a significant step in fostering collaboration between Universiti Malaya and industry partners such as AEON Bank, Calisto, China State Construction Engineering, Hirose Electric, Medika Natura, Kibing Solar, Nutrigene Modern Sciences, Petron, PMB Silicon, Prasarana Malaysia, and Tomei Gold & Jewellery.

During the MoU exchange ceremony held on 17 October 2024 at the Kuala Lumpur Convention Centre, AEON Bank was represented by Deputy CEO and Chief Corporate Management Officer, Tsutomu Kamagata, and Chief of Strategy and Head of Personal Banking, Ajith Jayaram. Universiti Malaya’s Deputy Vice Chancellor (Development), YBrs. Prof. Ir. Dr. Ramesh Singh Kuldip Singh, officiated the ceremony on behalf of Vice Chancellor YBhg. Professor Dato’ Seri Ir. Dr. Noor Azuan Abu Osman.

“The future of finance is digital, and this MoU will create a dynamic partnership between AEON Bank and Universiti Malaya, benefitting thousands of students. Together, we will explore tech-centric programs, Shariah-compliant financial initiatives, and financial literacy efforts that will drive inclusivity and empower future leaders. We’re also excited to tap into Universiti Malaya’s research expertise,” said AEON Bank CEO, YM Raja Teh Maimunah.

Universiti Malaya’s Deputy Vice Chancellor, YBrs. Prof. Ir. Dr. Ramesh Singh Kuldip Singh, added, “This MoU represents our joint commitment to advancing research, innovation, student development, and community programs. It will strengthen our research capabilities and open doors for groundbreaking discoveries that will benefit both our students and the community.”

The partnership, lasting for two years, aims to bridge the gap between academia and industry, equipping students with essential skills for the digital age. Key areas of collaboration include:

• Technology-driven projects such as digital banking solutions, along with the development of a fintech innovation mentorship hub.
• Sharing expertise in cloud architecture, data analytics, AI/ML optimization, and customer experience improvements.
• Promoting Shariah-compliant digital banking products and services through student workshops on responsible fintech.
• Encouraging the use of AEON Bank’s digital banking app through campus promotions to familiarize students with digital finance solutions.
• Offering students industrial training through internships, upskilling workshops, and CSR outreach programs.

As Malaysia’s first Islamic digital bank, AEON Bank is regulated by Bank Negara Malaysia and the Ministry of Finance. It is part of the AEON Group, a global company with a strong retail and financial services presence. As a cloud-native bank, AEON Bank partners with B2B platforms like AWS to develop its data architecture. Currently, AEON Bank offers Shariah-compliant Personal Banking products, such as the Savings Account-i, AEON Bank x Visa Debit Card-i, and various digital payment services, along with rewards and promotions like the Referral Programme.

AEON Bank is committed to delivering accessible financial solutions to Malaysians, supporting their aspirations and economic independence. The bank strives to contribute to the growth of Islamic banking and the digital fintech economy in the region.