Malaysian bank is working on crypto-enabled ‘super app’ with Ant Group technology

Malaysia continues to accelerate its pace of cryptocurrency adoption as one of the major local banks jumps into cryptocurrency trading as part of its default banking offerings.

Kenanga Investment Bank Berhad, one of the largest private investment banks with over 500,000 customers, has partnered with Chinese tech giant Ant Group to launch a crypto-enabled wallet and trading app.

According to an announcement on Wednesday, Kenanga has signed a memorandum of understanding with Ant to jointly develop Malaysia’s wealth app called categorized as a super app. Under the terms of the agreement, Ant’s digital technology unit will provide Kenanga with mPaaS, a mobile development platform spun off from AliPay App.

“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 president of digital technology. Geoff Jiang noted.

The super app is designed to revolutionize the way of managing wealth in Malaysia by integrating various financial services such as stock trading, digital investment management, crypto trading, digital wallet, currency exchange and others on one single platform. Kenanga reportedly plans to launch the app in early 2023.

“We look forward to not only unifying a wide range of financial offerings under one roof, but more importantly, making wealth creation more accessible by democratizing financial services for the millions of Malaysians,” said the director. general of Kenanga Group, Datuk Chay Wai Leong.

He also mentioned that Kenanga started experimenting with digital financial services five years ago and the new app will take the company’s growth to the next level. As previously reported, Kenanga has been an active player in the crypto industry, investing in local crypto exchange operators like Tokenize Technology in 2021.

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Kenanga is also a known partner of Japanese retail company Rakuten, which provides Malaysia’s local online stock trading platform, Rakuten Trade.

The cryptocurrency industry has seen action in Malaysia in recent months, with local officials reportedly calling on the government to legalize crypto in March 2022. While crypto investing and trading has been legal in Malaysia, the government has opposed the idea of ​​adopting crypto as legal tender. .

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