Kenanga Investment Bank is partnering with Ant Group to launch a super app with all its financial services including bitcoin digital wallet and cryptocurrencies.
Kenanga Investment Bank will launch a super app in 2023 that will support bitcoin and other cryptocurrencies.
The bank has more than 500,000 users and wants to distribute its product to other banks.
The app will include all of the bank’s financial services in one platform, including a digital wallet.
Kenanga Investment Bank Berhad, a leading private investment bank in Malaysia, has partnered with Ant Group to launch a bitcoin and cryptocurrency-friendly “Super App”, according to a report by Fintech News Malaysia.
Super application was reported to support stock trading, automated consulting, peer-to-peer financing (P2P), bitcoin and cryptocurrencies, and other colleges such as Merchantrade-backed digital wallet.
“We have devoted years in building our business in equity brokerage, futures, asset management and investment banking,” said Datuk Chai Y Leung, Managing Director of Kinanga Group. “Recently, we have collaborated with digital partners such as Rakuten, CapBay, Merchantrade and Tokenize to expand our digital product offerings.”
Ant Group, a leading Chinese fintech company, will assemble all of the Bank’s services on one platform expected to launch in 2023.
He said: “Adopted by many companies to build new applications and improve the performance of existing applications, the financial-grade mPaaS mobile development platform is well positioned to support Kenanga in integrating a wide range of products and services into its SuperApp.” Head of digital technology Jeff Jiang.
Kenanga refers to super application as wealth as a service (WaaS) and plans to partner with digital banks looking to embed the system into their infrastructure. Kenanga believes that by providing these services to rising banks, enterprises will be able to expand faster without the need to develop their own products.
However, in order to integrate its products into other enterprises, Kenanga reportedly still needs regulatory approval from the Securities Commission of Malaysia to become a recognized market operator (RMO) in order to distribute products to capital markets.