NON-BANK financial services provider AEON Credit Service (M) Bhd has earmarked the gradual upgrading of its AEON Wallet to further promote digitalisation while tapping the appeal of the e-wallet segment on a more wholesome basis.
In so doing, the group is poised to make the e-wallet a common membership app for AEON Group and enhance wallet payments and loyalty programmes, according to its managing director Daisuke Maeda.
“We will also provide various financial products through the app, aiming for further customer convenience,” he projected in a statement issued at the conclusion of AEON Credit’s 27th annual general meeting (AGM) yesterday (June 20).
“Additionally, our recently launched AEON Bank (Malaysia’s first Islamic digital bank) will be integrated into our ecosystem to provide comprehensive financial services.”
In terms of ESG (environment, social and governance0, Maeda noted that AEON Credit has formulated a sustainability statement and a mid-term roadmap to focus on environmental commitments such as achieving carbon neutrality, biodiversity projects to combat climate change.
“Our company particularly aims to contribute further to financial inclusion in Malaysia through our business,” he envisages.
Last year, AEON Credit introduced an instant approval scheme using credit information and risk base interest rate system based on customer scores. This has enabled he group to present a credit limit to many customers within one minute. Additionally, customers with good scores will receive instant approval automatically.
“As a result, we have captured the demand from customers especially for our used cars financing solutions, significantly expanding the sales of used car loans to RM 1.11 bil, an increase of 50% from to previous year and hope to keep this sale momentum going this year,” shared Maeda.
Foe the record, all resolutions listed in the Notice of AGM dated May 21 were duly approved by AEON Credit’s shareholders yesterday (June 20).
This included the proposed final single-tier dividend of 14 sen/share for the financial year ended Feb 29, 2024 (FYE 2/2024) which represents a total of a payout of RM144.20 mil or 34% of the group’s net profit.
For FYE 2/2024, AEON Credit’s revenue rose 16.6% to RM1.91 bil from RM1.64 bil a year ago. This increase was due to higher transaction and financing volume which grew by 16.9% to RM7.30 bil year-on-year.
Consequently, its pre-tax profit also rose to RM565.17 mil while its net profit climbed to a new high of RM424.02 mil.
At 9.25am, AEON Credit was up 13 sen or 2.25% to RM7.68 with 27,300 shares traded, thus valuing the company at RM3.92 bil. – June 21, 2024
