- Kenanga Investment Bank will launch a super app in 2023 that will support bitcoin and other cryptocurrencies.
- The bank claims to have over 500,000 users and is looking to distribute its product to other banks.
- The app will embed all the financial services of the bank including digital wallets on a single platform.
According to a report by Fintech News Malaysia, Kenanga Investment Bank Berhad, a leading private investment bank in Malaysia, has partnered with Ant Group to launch a bitcoin and crypto-friendly “super app”.
The Super App is reported to support other faculties such as stock trading, robo-advisors, peer-to-peer (P2P) financing, bitcoin and cryptocurrencies, and digital wallets that work with prepaid cards powered by Merchantrade .
Datuk Chai Wai Leong, Group Managing Director, Kenanga, said, “We have dedicated years in building our business across Stock Broking, Futures, Asset Management, Investment Banking.” “Recently we have collaborated with digital partners such as Rakuten, Capbay, Merchantrade, Tokenize to expand our digital product offerings.”
Ant Group, a leading Chinese fintech company, will compile all of the bank’s services on a single platform, which is expected to launch in 2023.
“Adopted by many businesses to build new apps and optimize the performance of existing apps, our financial-grade mPaaS mobile development platform is well suited to support Kenanga in integrating a wide range of products and services into its SuperApps. deployed from,” Ant’s Digital Technology said. President Geoff Jiang.
Kenanga is referring to the super app as Wealth-as-a-Service (WAS) and plans to partner with digital banks to embed the system into its infrastructure. Kenanga believes that by providing these services to emerging banks, institutions will be able to scale very quickly without the need to develop their own products.
However, in order to embed its products in other institutions, Kenanga still requires regulatory approval from the Securities Commission of Malaysia to become an accredited market operator (RMO) to distribute products to the capital markets.