Kenanga Investment Bank partners with Ant Group to launch a super app hosting all of its financial services, including a bitcoin and crypto digital wallet.
- Kenanga Investment Bank will launch a super app in 2023 that will support bitcoin and other cryptocurrencies.
- The bank has more than 500,000 users and wants to distribute its product to other banks.
- The app will integrate all of the bank’s financial services into one platform, including a digital wallet.
Kenanga Investment Bank Berhad, a leading private investment bank in Malaysia, has partnered with Ant Group to launch a bitcoin and crypto-friendly “super app”, according to a report from Fintech News Malaysia.
The super app is said to support stock trading, robo-advisory, peer-to-peer (P2P) funding, bitcoin and cryptocurrencies, and other faculties such as a digital wallet that works with a prepaid card powered by Merchantrade.
“We have spent years developing our business in equity brokerage, futures, asset management, investment banking,” said Datuk Chay Wai Leong, group managing director of Kenanga. “More recently, we have collaborated with digital partners such as Rakuten, CapBay, Merchantrade, Tokenize to expand our digital product offerings.”
Ant Group, one of China’s leading fintech companies, will compile all of the bank’s services into a single platform that is expected to launch in 2023.
“Adopted by many enterprises to build new apps and optimize the performance of existing apps, our financial-grade mPaaS mobile development platform is well-positioned to help Kenanga integrate a wide range of products and services into its SuperApp,” said Ant’s digital technology. President Geoff Jiang.
Kenanga calls the super app wealth as a service (WaaS) and plans to partner with digital banks looking to integrate the system into their infrastructure. Kenanga believes that by providing these services to emerging banks, institutions will be able to scale much faster without the need to develop their own products.
However, in order to integrate its products into other institutions, Kenanga would still need regulatory approval from the Securities Commission of Malaysia to become a Recognized Market Operator (RMO) to distribute products for the markets of capital.
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