According to a report from Fintech News Malaysia, Kenanga Investment Bank Berhad, a prominent private investment bank in Malaysia, has teamed up with Ant Group to introduce a “super app” that provides Bitcoin and cryptocurrency services for their customers.
The super app is reported to support stock trading, robo-advisory, peer-to-peer (P2P) financing, Bitcoin, and other cryptocurrencies. The app will also include other capabilities like a digital wallet that integrates with a prepaid card powered by Merchantrade.
Managing Director of Kenanga Datuk Chay Wai Leong explained that the company has dedicated years to build the business to where it is today through stock broking, futures, asset management, and investment banking.
“More recently we have collaborated with digital partners like Rakuten, CapBay, Merchantrade, and Tokenize to expand our digital product offerings,” said Leong.
All of Kenanga’s services will be consolidated into one platform and is anticipated to arrive in 2023 with the help of Ant Group, a well-known fintech startup in China.
Ant Group’s digital technology president Geoff Jiang added:
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 into its SuperApp.
The super app is recognized by Kenanga as a wealth-as-a-service (WaaS) platform, and the company plans to partner with digital banks that want to integrate the system into their own infrastructure. Kenanga has concluded that by offering these services to growing banks, these institutions will be able to scale more quickly without having to create their own products and platforms.
To become a Recognized Market Operator (RMO) and distribute products for capital markets, it is reported that Kenanga still needs regulatory approval from the Securities Commission of Malaysia in order to offer its products to other institutions.