Malaysian bank collaborates with Ant Group to develop crypto-enabled ‘super app’

Crypto adoption is happening fast in Malaysia. Recently, a leading local bank incorporated crypto trading into its default banking offerings.

Kenanga Investment Bank Berhad is one of Malaysia’s largest private investment banks serving over 500,000 clients. Kenanga has collaborated with Ant Group, the Chinese tech giant, to launch a crypto-friendly wallet and trading app.

Kenanga uses this technology to develop its application

On Wednesday August 24, 2022, Kenanga signed a memorandum of understanding with Ant. The two parties will develop Malaysia’s wealth app called SuperApp. Kenanga will receive a mobile development platform from AliPay App, mPaaS, by Ant’s digital technology unit.

Geoff Jiang, President of Digital Technology at Ant, explained that their financial-grade mPaaS mobile development platform is suited to help Kenanga add various products and services to its SuperApp. Jiang shared that several companies have used the technology to create new applications and optimize the performance of existing applications.

The super app is designed to revolutionize the way of managing wealth in Malaysia by integrating various financial services such as stock trading, digital investment management, crypto trading, digital wallet, foreign currency exchange and others on 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 that offers all kinds of financial services such as crypto trading, digital wallet, digital investment management, currency exchange, and stock trading.

Datuk Chay Wai Leong, Managing Director of Kenanga Group, said he was looking forward to integrating a wide range of financial offerings under one roof. More importantly, he wants to make wealth creation more accessible by democratizing financial services for Malaysians.

Kenanga started experimenting with digital financial services five years ago. The new app is expected to take the business to the next level. Meanwhile, Kenanga in general is considered very active in the crypto industry. In 2021, he invested in local exchange operators such as Tokenize Technology

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and away from traditional currency exchange systems. She is also intrigued by blockchain technology and how it works.

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