KUALA LUMPUR (Oct 25): AEON Credit Service (M) Bhd said it has obtained financial regulators’ approval for the initial shareholding structure of its Islamic digital bank venture.

AEON Credit, together with parent AEON Financial Service Co Ltd (AFS) and US-based fintech firm MoneyLion Inc, originally led a consortium to win one of the five digital banking licences from Bank Negara Malaysia (BNM).

However, MoneyLion pulled out of the consortium after the licence was awarded, leaving AEON Credit and AFS to form the Islamic digital bank entity — ACS Digital Bhd — with equal shareholdings of 50% each.

As AFS owns 61.5% of AEON Credit, its effective equity interest in ACS Digital would be 80.75%.

AEON Credit told Bursa Malaysia on Wednesday that the Ministry of Finance (MOF) has given its approval for AFS to hold an 80.75% stake in ACS Digital.

BNM has also approved the proposed shareholding structure for ACS Digital, with AEON Credit and AFS having equal proportions of 50%.

According to AEON Credit’s circular to shareholders, ACS Digital is given a period of five years to identify new Malaysian shareholders, to fulfil equity condition set by MOF to have at least a 30% stake in the Islamic digital bank held by Malaysians, with priority given to Bumiputera shareholders.

Shares of AEON Credit closed two sen or 0.2% higher at RM11.38 on Wednesday, giving the company a market capitalisation of RM2.91 billion.