Kenanga Investment Bank Berhad, Malaysia’s largest independent investment bank, has signed a MoU with Ant Group.
Under the terms of the MoU, Kenanga will leverage mPaaS, a mobile development platform from Ant Group’s digital technology unit, to launch Malaysia’s first wealth SuperApp.
According to Ant Group, the SuperApp is geared to revolutionize how Malaysians approach wealth generation and management, by integrating a suite of financial solutions, such as stock trading, digital investment management, e-wallet, crypto trading and foreign currency exchange, onto a single platform and ecosystem.
Ant Group said its digital technology unit develops a full range of digital solutions in the fields of blockchain, privacy computing, security technologies, and distributed database. The company is committed to enabling and reinforcing trust for participants in the digital economy, including consumers, businesses, and partners.
The development of this SuperApp extends the portfolio of digital products that Kenanga has successfully rolled out, from Rakuten Trade, Malaysia’s fastest-growing online stock trading platform, to Kenanga Digital Investing, a robo-advisor that has amassed over RM250 million in AUM in six months.
Kenanga managing director Datuk Chay Wai Leong said, “Having spent the year conceptualizing and designing the SuperApp, we are thrilled to partner with Ant Group, a globally recognized and experienced infrastructure and platform provider, to develop this platform and bring it to life.
“We look forward to not only unifying a broad spectrum of financial offerings under one roof, but more importantly, to make wealth creation more accessible by democratizing financial services for the millions of Malaysians around the country who want better, swifter and cheaper access to financial products and solutions.
“With almost 50 years of retail experience serving over half a million customers, we believe the Kenanga Wealth SuperApp will leapfrog our growth to the next level. We started our digital journey five years ago, and have a robust digital product pipeline that is set to reshape our relationship with our customers and harness opportunities in the marketplace.”
According to Vesttoo, the partnership is part of the firm’s vision to bridge the gap between the insurance and capital markets, scaling insurance-linked investments as a source for reinsurance capacity.
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