MoneyLion and AEON Consortium Obtain Approval for Malaysian Digital Banking License

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Digital Finance Leader MoneyLion Expands Enterprise Data and Technology Capabilities with AEON Group, One of Asia’s Largest Retailers and Financial Service Providers

NEW YORK--(BUSINESS WIRE)-- MoneyLion Inc. (“MoneyLion) (NYSE: ML), a leading digital financial services and lifestyle content platform, announced that the Ministry of Finance in Malaysia has awarded a digital banking license to a consortium involving MoneyLion, AEON Financial Service Co Ltd. (“AFS”) (TSE:8570), a Japan-based financial group, and AFS’s Malaysia-based non-bank financial service provider subsidiary, AEON Credit Service (M) Berhad (“AEON Credit”) (KLSE:AEONCR). MoneyLion is launching a Software-as-a-Service (SaaS) offering to develop the digital platform and provide technology, data analytics and embedded finance capabilities to the consortium.

For nearly a decade, MoneyLion has been building financial technology that empowers consumers to take control of their financial lives through powerful products that make it easier to borrow, save, invest and earn. MoneyLion’s platform offers an engaging user experience delivering daily curated content designed to educate consumers on how to best achieve their financial goals. MoneyLion’s technology and analytics capabilities also include underwriting, pricing risk and originating credit, at scale. As a result of this experience, MoneyLion’s technology, artificial intelligence and data analytics capabilities have compounded over time to create an industry-leading data advantage with enterprise-ready SaaS applications that will diversify its revenue streams and position the company for further growth.

The digital banking license will give MoneyLion, AEON Credit and AFS the ability to create a digital bank that will offer services which will promote financial inclusion to customers in Malaysia. MoneyLion will be responsible for designing and building the bank’s digital finance platform using its scaled technology and data capabilities. MoneyLion has a significant presence in Malaysia, employing around 300 engineers and data scientists in Kuala Lumpur that develop both the interface and underlying technology powering the award-winning MoneyLion app, catering to millions of users in the United States.

“I am incredibly excited about our partnership with AFS and AEON Credit,” stated MoneyLion Co-Founder and CEO Dee Choubey. “Malaysia represents a natural opportunity for MoneyLion to take our mission of rewiring the financial system to international consumers. The partnership will showcase MoneyLion’s technology, data and embedded finance expertise and is evidence that we are executing on our strategy to diversify our revenue streams through commercialization of our enterprise-ready capabilities.”

“We are appreciative of being granted the digital banking license,” added MoneyLion Co-Founder and Chief Technology Officer Chee Mun Foong. “The digital banking license and digital platform will allow the partnership to offer financial services to all Malaysians and will showcase MoneyLion’s end-to-end technology and data capabilities, from credit underwriting, fraud detection to design, and product operations.”

Ajith Jayaram, Chief Transformation Officer of AEON Credit, said, “We want to elevate banking experience of Malaysians as well as integrate other aspects of their lives in an eco-system, by providing advice and hyper-personalization of products and services for customers.

“With our 25 years of experience in serving Malaysians and understanding the underserved communities’ needs and AFS wide-ranging financial businesses including banking in Japan coupled with MoneyLion’s capabilities and expertise, we will be building a Digital Bank that will be at the forefront of transcending boundaries of technology, banking and humanity.”

About MoneyLion

MoneyLion is a leading digital financial services and lifestyle content platform. MoneyLion's mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.

MoneyLion is headquartered in New York City, with offices in Jersey City, Kuala Lumpur, Santa Monica and Sioux Falls.

For more information about the company, visit www.moneylion.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.

AEON Financial Service Co Ltd.

AEON Financial Service Co Ltd. (“AEON AFS”) is a comprehensive financial group with roots in the retail sector. It is headquartered in Japan, and also has operations in 11 other countries/regions in Asia including Japan. AEON Financial supports customers’ lifestyles and enables each individual to maximize future opportunities through effective use of credit in Japan and elsewhere in Asia. (www.aeonfinancial.co.jp/en/corp/)

About AEON Credit Service (M) Berhad

AEON Credit Service (M) Berhad (“AEON Credit” or “the Group”) was incorporated on 6 December 1996 and converted into a public limited company on 9 February 2007 and subsequently listed on the Main Market at Bursa Malaysia Securities Berhad on 12 December 2007. AEON Credit commenced operations in 1997 by providing Easy Payment schemes forpurchase of consumer durables through appointed retail merchants and chain stores. In October 2021, AEON Credit Service(M) Berhad obtained Bank Negara Malaysia (BNM)’s approval to acquire insurance and Takaful broking firm, Insurepro Sdn Bhd which allows the Group to distribute both conventional and takaful insurance products, including life insurance products by leveraging on the AEON Group Retail network and ecosystem.

Today, the business of the Group has expanded to include issuance of Credit Cards, Prepaid Cards, Easy Payment Schemes, Hire Purchase Financing for Motor Vehicles, Personal Financing schemes, Insurance Broker, AEON Wallet and other related services. The Group currently has five Regional Offices, 64 branches and service centres located in the major shopping centres and towns, a network of more than 10,000 participating merchant outlets nationwide, as well as one subsidiary Company in Kuala Lumpur. (https://www.aeoncredit.com.my/aeon-corporate/about-us)

MoneyLion Communications
pr@moneylion.com

Sean Horgan
Head of Investor Relations, MoneyLion
Office: (332) 258-7621
Mobile: (646) 675-9084
shorgan@moneylion.com

Cody Slach, Alex Kovtun
Gateway Investor Relations
(949) 574-3860
ir@moneylion.com

Source: MoneyLion Inc.

Released May 24, 2022