KUALA LUMPUR (Jan 15): Aeon Credit Service (M) Bhd has been granted a money lending license under the Moneylenders Act 1951 and Moneylenders (Control and Licensing) Regulations 2003 by the Ministry of Housing and Local Government.

In a filing with Bursa Malaysia, Aeon Credit said the license will be valid for a period of two years, effective today.

“The approval allows AEON Credit to undertake any business of those relating to the money lending activities which complements its existing business,” the company said.

Aeon Credit commenced operations in 1997 by providing easy payment schemes for purchase of consumer durables through appointed retail merchants and chain stores. Today, the business of the company has expanded to include issuance of credit cards, personal finance schemes and insurance.

It was reported recently that the Housing Ministry is working on rebranding the money lending licence to encourage the public to borrow from legitimate money lenders, instead of loan sharks or illegal money lenders.

Aeon Credit shares were unchanged at RM15.50 today, for a market capitalisation of RM3.8 billion.