AEON Credit
(L - R) Shiro Ishida, Chief Marketing Officer of AEON Credit, Yuro Kisaka, Managing Director of AEON Credit, Dennis Martin, Group CEO of CTOS, Eric Chin, CEO of CTOS Data Systems Sdn Bhd

AEON Credit to Leverage on CTOS eKYC Solution


CTOS recently signed an agreement with AEON Credit Service (M) Bhd (AEON Credit), one of the largest non-bank credit providers, to implement the CTOS eKYC solution which will benefit AEON Credit customers nationwide.

CTOS eKYC is an advanced and robust digital identity authentication solution which enables organizations to analyse, verify and authenticate the identity of individuals in real time using mobile and web-based solutions, resulting in faster customer response times and a seamless digital experience for customers. By leveraging on the CTOS eKYC solution, AEON Credit will be able to onboard customers faster for financing and credit products, including Credit Card and Personal Loan applications, as well as Product Financing services.

CTOS eKYC is the only solution so far that has a 4-layer authentication process and has undergone extensive user testing and technology validation in Bank Negara Malaysia’s Fintech Regulatory Sandbox. Following the Sandbox process, the CTOS eKYC solution has put in place the necessary safeguards to prevent fraudulent transactions while providing consumers with the ultimate user experience.

Mr. Yuro Kisaka, AEON Credit’s Managing Director said, “Customer expectations are increasingly influenced by the speed and service experience they receive, especially from credit providers such as AEON Credit, where significant focus is placed on the customer journey. By enabling customers to verify their identities digitally, we have the opportunity to future-proof and streamline our business practices at a critical juncture where we are more likely to gain more customers with superior standards of customer experience while customers can enjoy quicker response times. AEON Credit is proud to be the first non-bank adopter of the CTOS eKYC solution and we expect transactions to grow significantly.”

In terms of quantifiable benefits, the McKinsey “Digital Identification: A Key to Inclusive Growth” 2019 study showed that there is a potential cost reduction of 90% in customer onboarding, and, in a broader global context, could help 1.7 billion of the world’s unbanked population gain access to financial services.

“Credit providers worldwide have historically struggled to clear the regulatory compliance hurdles associated with properly knowing their customers. Manual identification and due diligence costs make it so that onboarding customers who generate less revenue is unprofitable. But with regulatory support and advancement in technology, eKYC is quickly being implemented internationally and across Asia, as companies are seeing its benefits and potential, including in financial hubs like Singapore and competitive markets like Japan. CTOS is proud to contribute to the advancement of the Malaysian financial sector with the CTOS eKYC solution. AEON Credit has been a very strategic customer of CTOS over the years and we are very pleased to play a part in their digital transformation by providing product and service offerings, Anytime, Anywhere.” Dennis Martin, Group CEO of CTOS, said at the signing ceremony.