The adoption of crypto is happening rapidly in Malaysia. Recently, a prominent local bank has integrated crypto trading into its default banking offerings.
Kenanga Investment Bank Berhad is among the largest private investment banks in Malaysia and caters to over 500,000 customers. Kenanga has collaborated with Ant Group, the Chinese tech giant, to launch a crypto-friendly wallet and trading application.
Kenanga is Using This Technology To develop its Application
On Wednesday, August 24, 2022, Kenanga signed a memorandum of understanding with Ant. Both parties will be developing Malaysia’s wealth application called SuperApp. Kenanga will be provided a mobile development platform originating from AliPay App, mPaaS, by Ant’s digital technology unit.
Geoff Jiang, the digital tech president of Ant, explained that their financial-grade mPaaS mobile development platform is suitable for assisting Kenanga in adding various products and services to its SuperApp. Jiang shared that several businesses have utilized the technology to build new apps and optimize the performance of existing apps.
The super app is designed to revolutionize the way of managing wealth in Malaysia by integrating diverse financial services like stock trading, digital investment management, crypto trading, digital wallet, foreign currency exchange, and others into a single platform. Kenanga reportedly plans to launch the app in early 2023.
With the development of Superapp, the bank aims to revolutionize the way Malaysia manages wealth. It aims to have a single platform offering all kinds of financial services such as crypto trading, digital wallet, digital investment management, foreign currency exchange, and stock trading.
Datuk Chay Wai Leong, the managing director at Kenanga Group, said that it looks forward to integrating a wide range of financial offerings under one roof. Most importantly, it wants to make wealth creation more accessible by democratizing financial services for Malaysians.
Kenanga began experimenting with digital financial services five years ago. The new application is expected to take the company to the next level. Meanwhile, Kenanga in general is seen to be quite active in the crypto industry. In 2021, it invested in local exchange operators such as Tokenize Technology
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.