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AMONG Malaysias Largest Investment Banks To Launch Bitcoin, Crypto Super App

  • Kenanga Investment Bank to launch a brilliant app in 2023 that may support bitcoin along with other cryptocurrencies.
  • The lender boasts over 500,000 users and really wants to distribute its product to other banks.
  • The app will embed all the banks financial services onto one platform, including an electronic wallet.

Kenanga Investment Bank Berhad, a respected private investment bank in Malaysia, has partnered with Ant Group to launch a bitcoin and crypto-friendly super app, per a written report from Fintech News Malaysia.

The super app is reported to aid trading, robo-advisory, peer-to-peer (P2P) financing, bitcoin and cryptocurrencies, along with other faculties like a digital wallet which works together with a prepaid credit card powered by Merchantrade.

We’ve dedicated years in building our business in stock broking, futures, asset management, investment banking, said Datuk Chay Wai Leong, group managing director of Kenanga. Recently we’ve collaborated with digital partners like Rakuten, CapBay, Merchantrade, Tokenize to expand our digital product offerings.

Ant Group, a respected Chinese fintech company, will compile all the banks services onto one platform that is likely to launch in 2023.

Adopted by many businesses to create new apps and optimize the performance of existing apps, our financial-grade mPaaS mobile development platform is well-positioned to aid Kenanga in integrating an array of services and products into its SuperApp, said Ant’s digital technology president Geoff Jiang.

Kenanga is discussing the super app as wealth-as-a-service (WaaS) and plans to partner with digital banks seeking to embed the machine to their infrastructure. Kenanga believes that by giving these services to rising banks, the institutions can scale more speedily without having to develop their very own products.

However, to be able to embed its products into other institutions, Kenanga reportedly still needs regulatory approval from the Securities Commission of Malaysia to become Recognized Market Operator (RMO) to be able to distribute products for capital markets.

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