In 2023, Malaysia's crypto market is set to welcome a new crypto trading app.
Kenanga Investment Bank Berhad (Kenanga), the largest investment bank in Malaysia, is planning to launch a "Wealth Super App" that will provide a bouquet of financial solutions to Malaysian investors.
According to the statement shared on Kenanga’s official website, the bank has signed a Memorandum of Understanding (MoU) with Ant Group, a Chinese technology company, and financial services provider. The partnership will result in the launch of a crypto wallet and trading app.
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The Memorandum of Understanding notes that the Ant Group will provide the bank with mPaaS, which is “a mobile development platform from Ant Group’s digital technology unit”. When talking about their mPaaS tool, President of Ant Group’s Digital Technology Business Group Geoff Jiang, said:
Adopted by many businesses to build new apps and optimize the performance of existing apps, our financial-grade mPaaS mobile development platform is well-positioned to support Kenanga in integrating a wide range of products and services to its SuperApp.
Kenanga’s bank has noted that the new Super app will incorporate various services, including a digital wallet, crypto and stock trading, currency exchange, digital investment management, and many others.
When talking about the collaboration with Ant Group, Kenanga Investment Bank’s Group Managing Director Datuk Chay Wai Leong noted:
We look forward to not only unifying a broad spectrum of financial offerings under one roof, but more importantly, to make wealth creation more accessible by democratizing financial services for the millions of Malaysians around the country who want better, swifter, and cheaper access to financial products and solutions.
Based on various sources, Kenanga is looking forward to launching its app in the first quarter of 2023. However, before the app sees daylight, it will have to gain regulatory approval from the Securities Commission Malaysia and receive a Recognised Market Operators (RMO) status.
Kenanga has previously rolled out other digital products, such as the online stock trading platform Rakuten Trade and Robo-advisor called Kenanga Digital Investing.
