Kenanga Investment Bank collaborates with Ant Group to launch cryptocurrency-based apps

Malaysia is poised to drive cryptocurrency adoption with one of the leading local banks getting into cryptocurrency trading as part of its default banking offerings. Kenanga Investment Bank Behad, considered one of the largest private investment banks with more than 500,000 customers, has entered into a collaboration with China-based technology company Ant Group to unveil a wallet and trading application compatible with the cryptocurrencies, according to Cointelegraph.

As reported by Cointelegraph, Kenanga has signed a memorandum of understanding with Ant to jointly create Malaysia’s wealth app as a super app. As mentioned in your agreement, Ant’s digital technology unit will provide Kenanga with mPaaS, a mobile development platform derived from the AliPay application. “Adopted by many companies to build new apps and optimize the performance of existing apps, our financial-grade mPaaS mobile development platform is positioned to help Kenanga integrate a wide range of products and services into its SuperApp,” Geoff Jiang, president of digital technology, AT, said.

Based on information from Cointelegraph, the design of SuperApp is to change the way wealth management is done in Malaysia through the integration of financial services such as stock trading, digital investment management, trading of cryptocurrency, digital wallet, foreign currencies, among others, in a single platform. According to reports, Kenanga is aiming to launch the app in early 2023. “We look forward to not only unifying a wide range of financial offerings under one roof, but making wealth creation accessible by democratizing financial services. for the millions of Malaysians,” Datuk Chay Wai Leong, Managing Director, Kenanga Group, said.

Additionally, Cointelegraph noted that Kenanga began exploring the digital financial services space years ago and is a partner of Japanese cryptocurrency-based retail firm Rakuten, which provides the platform. Malaysia’s local online stock trading Rakuten Trade. According to reports, local officials in Malaysia have asked the government to legalize cryptocurrency in March 2022.

(With information from Cointelegraph)

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