Digital finance and lifestyle platform MoneyLion said it had obtained a digital banking license from Malaysia’s Ministry of Finance as part of a consortium with Japanese financial group AEON Financial Services and its Malaysian subsidiary AEON Credit Service.
This comes as MoneyLion attempts to roll out its Software as a Service (SaaS) offering, which will develop technology, data analytics and integrated finance for the consortium.
The license will give the three companies the ability to establish a digital bank to offer services aimed at promoting financial inclusion for Malaysian customers.
MoneyLion will be responsible for designing and building the bank’s digital finance platform.
MoneyLion’s services include helping consumers take control of their financial lives with products that make it easier for customers to borrow, save, and invest, providing an experience that empowers customers to learn how to achieve their goals financial.
“I am incredibly excited about our partnership with AFS and AEON Credit,” said Dee Choubey, co-founder and CEO of MoneyLion. “Malaysia represents a natural opportunity for MoneyLion to take on our mission of rewiring the financial system for international consumers. The partnership will showcase MoneyLion’s technology, data and integrated financial expertise and demonstrates that we are executing on our diversification strategy. of our revenue streams through the commercialization of our enterprise-ready capabilities.
See also: MoneyLion to buy Even Financial in deal worth up to $440 million
MoneyLion has announced plans to buy B2B FinTech Even Financial, for a deal worth $360-440 million, PYMNTS wrote.
The report says the transaction would allow Even to continue to operate as an independent subsidiary of MoneyLion.
Even also plans to work with MoneyLion on its financial marketplace technology, offering MoneyLion products to channel partners looking to expand their work.
“Even has revolutionized the way consumers receive recommendations for financial services,” Choubey said. “The combination of Even’s best-in-class recommendation engine with MoneyLion’s powerful proprietary products and open-architecture marketplace expands the range of products and services available within our platform, while providing a new distribution channel for financial partners. ‘even.