Kenanga Investment Bank Berhad, one of Malaysia's largest private investment banks with more than 500,000 customers has rapidly moved into cryptocurrency trading as part of its banking offering.
The big company managed to make an agreement with China's Ant Group technology to launch a crypto-friendly wallet and trading application.
Accordingly, Kenanga has signed a memorandum of understanding with Ant to develop a Malaysian application that is categorized as a super application.
Under the terms of the agreement, Ant's digital technology unit will provide Kenanga with mPaaS, which is a mobile development platform derived from the AliPay application used by many businesses to build new applications as well as optimize the performance of existing applications.
According to Ant digital technology president Geoff Jiang, mPaaS is able to support Kenanga in integrating various products and services into SuperApp.
In addition, the purpose of SuperApp is designed to integrate financial services through stock trading, digital investment management, crypto trading, digital wallet, foreign currency exchange and others into one platform so that it is more accessible.
Overview, Kenanga started experimenting with digital financial services five years ago and this will take the company's growth to the next level as Kenanga is an active player in the crypto industry as well as investing in local crypto exchange operators such as Tokenize Technology in 2021.
