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AmBank’s Raja Teh set to be CEO of Aeon Credit’s digital bank

AmBank’s Raja Teh set to be CEO of Aeon Credit’s digital bank

Raja Teh Maimunah Raja Abdul Aziz has been dismissed as the managing director for the wholesale bank at AMMB Holdings Bhd (AmBank Group) and is scheduled to take over as the chief executive officer of Aeon Credit Service (M) Bhd's digital bank that is slated to launch in the near future sources claim.

She'slikely to start on December 1, informs a person familiar with this situation informs The Edge.

According to another source she quit her job with the banking company less than two weeks ago. She is currently on leave for gardening. When asked, Raja Teh, who has been working for AmBank for more than six years, said she had submitted her resignation, but she declined to discuss whether she's headed to the digital bank,report by bonus casino.

Discussions in the market about her possible switch to the digital banking market has been circulating since June. Main Market listed Aeon Credit, a consumer finance firm, was awarded its Islamic digital bank license by Bank Negara Malaysia on April 29 in a consortium that includes the parent firm AEON Financial Service Co Ltd (AFS) as well as fintech company MoneyLion Inc as its technology partner.

AEON Credit and AFS are predicted to each hold the 45 percent share in the institution and MoneyLion will be the other 10 percent. The consortium was among five companies to be granted the digital bank licence from Bank Negara. These banks, which are expected to launch in a few months to two years and will be expected to concentrate solely on the unserved and under-served markets.

Raja Teh, who has more than 25 years of experience in finance and banking, was appointed to AmBank in February of 2017 at first, holding two roles: AmInvestment Bank Bhd's CEO and the director of Wholesale Banking. In August of the same year she quit her job of investment banking to concentrate exclusively on the latter position.

Before joining AmBank prior to joining AmBank, she was the chief executive officer for Hong Leong Islamic Bank Bhd and was previously the global head of Islamic market at Bursa Malaysia Bhd. The current president is a member of the board of Kumpulan Wang Persaraan (Diperbadankan) the nation's pension fund for civil servants.

The CEOs of four women?

It is thought that at the very least one of five digital banks may be run by female chief executives, provided Raja Teh is included in the mix. The digital bank owned by Grab Holdings Ltd has appointed Lai Pei Si, a professional in the field of financial services as its CEO-designate on April 1, while the one run by KAF Investment Bank Sdn Bhd selected Rafiza Ghazali who was previously Cradle Fund's CEO Sdn Bhd -as the Chief Executive Officer in the month of May.

The one that is owned by the Boost Holdings Sdn Bhd-RHB Banking Bhd joint venture is yet to name a new CEO, however sources from the industry suggest that Fozia Amanulla -- the deputy director at Boost Credit and the former chief executive officer of Alliance Islamic Bank -- will be the one chosen. Fifth digital bank a group headed by Sea Ltd (owner of the Shopee online-based platform) and YTL Digital Capital Sdn Bhd is yet to name the CEO.

The Edge, in its October 17 issue, announced it was reported that Aeon Credit expects its digital bank to begin making profit after four and a half years of operation. "We're considering a the year 4 1/2 to turn a profit and also to recuperate the losses that were accumulated over the initial few yearsseven of the eighth," chief transformation officer Ajith Jayaram stated.

Bank Negara requires digital banks to make a profit in the initial five years of operation.

In the words of Ajith, AEON Credit anticipates its digital bank to be "operationally ready" which means the bank will have the first item, a certain kind of savings account ready for testing before the end of October next year. However, the date of launch of the digital bank is dependent on bank Negara's acceptance.

Ourreal-time go-to-market will occur within the beginning of next years (2024). We'll offer the standard savings account as well as the current account products and loans, such as microfinancing and short-term financing, He said.

The share price of Aeon Credit, that soared to an all-time peak at RM15.90 the 29th of Aprilthe day it was granted the license It was closed at RM13 on the 20th of October which gave the company its market capitalisation at around RM3 billion.