Malaysia is on its way of driving cryptocurrency adoption with one of the major local banks moving into cryptocurrency trading as part of its default bank offerings. Kenanga Investment Bank Behad, considered one of the largest private investment banks with over 500,000 customers, has entered into a collaboration with China-based technology company Ant Group to unveil a cryptocurrency-friendly wallet and trading application, according to Cointelegraph.
As stated by Cointelegraph, Kenanga has signed a memorandum of understanding with Ant to jointly create Malaysia’s wealth application in the form of a super application. As mentioned in thye agreement, Ant’s digital technology unit will provide Kenanga with mPaaS, a mobile development platform originating from AliPay application. “Adopted by many businesses to build new apps and optimise the performance of existing apps, our financial-grade mPaaS mobile development platform is positioned to support Kenanga in integrating a wide range of products and services into its SuperApp,” Geoff Jiang, digital technology president, At, said.
On the basis of information by Cointelegraph, the design behind SuperApp is to change the way wealth management takes place in Malaysia through integration of financial services such as stock trading, digital investment management, cryptocurrency trading, digital wallet, foreign currency, among others, in a single platform. Reportedly, Kenanga aims to launch the application in early 2023. “We look forward to not only unifying a broad spectrum of financial offerings under one roof, but to make wealth creation accessible by democratising financial services for the millions of Malaysians,” Datuk Chay Wai Leong, managing director, Kenanga Group, said.
Moreover, Cointelegraph noted that Kenanga started exploring the digital financial services space years ago, and is a partner of Japanese cryptocurrency-based retail firm Rakuten, which provides Malaysia’s local online stock trading platform Rakuten Trade. Reportedly, Malaysia’s local officials asked the government to legalise cryptocurrency in March, 2022.
(With insights from Cointelegraph)