Challenger Bank Aion Launches In Belgium With Subscription Model

New subscription-only bank Aion is launching in Belgium, and it wants customers to be able to get the most out of their money, according to a report.

The bank has a service called MoneyMax that is powered by artificial intelligence (AI), and it’s meant to encourage users to earn money on saved money and spend less on bills and online purchases.

“Members can earn more, spend less, and save more when they use MoneyMax,” said Aion Chief Marketing Officer Vic Walia. “… MoneyMax searches for lower loan interest rates, finds ways to cut household utility bills, and compares online shopping with lower price alternatives.”

The bank’s flagship branch will be opened soon on the Avenue de la Toison d’Or in Brussels. Aion also offers a personal concierge and an ETF asset management product.

“Moving money, withdrawing money, investing money, exchanging money, borrowing money, and even saving money shouldn’t cost you money,” said Aion CEO Wojciech Sobieraj. “Aion is on a mission to change the way banking is done. Instead of trying to upsell and maximize profits per customer, Aion charges a flat subscription fee.”

Because of its subscription fee, Aion won’t charge ATM, currency exchange, investment or withdrawal fees.

The company is backed by Warburg Pincus, a global investment firm.

“Aion will revolutionize the financial services market in Belgium,” said Daniel Zilberman, managing director and head of Europe at Warburg Pincus. “Aion’s cloud-based proposition has been designed to deliver unparalleled services, value and trust to both individual and business customers, via an easy-to-use app.

“Ultimately, the success of any financial services technology company is measured by the quality of its product, technology and management — and in this regard, we believe we are backing the very best,” he added, according to Finextra.

The app will be available for download on Apple and Android devices.