Kenanga Investment Bank will release a super app that supports bitcoin and other cryptocurrencies.
The bank has over 500,000 users and wishes to distribute its product to other financial institutions.
The app will integrate all of the bank’s financial services, including a digital wallet, onto a single platform.
According to Fintech News Malaysia, 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.”
The super app reportedly supports stock trading, robo-advisory, peer-to-peer (P2P) financing, bitcoin and cryptocurrencies, as well as other features such as a digital wallet compatible with a Merchantrade-powered prepaid card.
Kenanga’s group managing director Datuk Chay Wai Leong stated, “We have devoted years to building our stock brokerage, futures, asset management, and investment banking businesses.” Recent collaborations with digital partners such as Rakuten, CapBay, Merchantrade, and Tokenize have allowed us to expand our digital product offerings.
Ant Group, a leading Chinese fintech company, will consolidate all of the bank’s services onto a single platform that is expected to be released in 2023.
“Our financial-grade mPaaS mobile development platform is well-positioned to assist Kenanga in integrating a wide range of products and services into its SuperApp,” said Geoff Jiang, president of Ant’s digital technology.
Kenanga refers to the super app as wealth-as-a-service (WaaS) and intends to form partnerships with digital banks seeking to integrate the system into their infrastructure. Kenanga believes that by providing these services to up-and-coming banks, the institutions will be able to expand much more rapidly without having to create their own products.
Kenanga reportedly still requires regulatory approval from the Securities Commission of Malaysia to become a Recognized Market Operator (RMO) in order to distribute products for capital markets and embed them in other institutions.