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August 25, 2022

Kenanga Bank, Ant Group to debut crypto-backed wealth SuperApp in Malaysia

Malaysia-based Kenanga Investment Bank has entered into an agreement with Ant Group to introduce a SuperApp based on cryptocurrency applications for the country’s wealth management sector.

Kenanga will develop the new offering leveraging mPaaS, a mobile development platform created by Ant Group’s digital technology arm.

Once launched, the solution will become the first wealth SuperApp in Malaysia, stated Kenanga Bank.

The SuperApp will be developed by incorporating various financial solutions, including stock trading, digital investment management, e-wallet as well as crypto trading and foreign currency exchange, onto one platform. 

Kenanga Investment Bank group managing director Chay Wai Leong said: “Having spent the year conceptualising and designing the SuperApp, we are thrilled to partner with Ant Group, a globally recognised 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 democratising financial services for the millions of Malaysians around the country who want better, swifter and cheaper access to financial products and solutions.”

With the SuperApp, Kenanga Bank aims to expand its digital technology offerings that it had developed in partnership with Rakuten Trade, an online stock trading platform in Malaysia.

Ant Group digital technology business group president Geoff Jiang said: “We have been committed to supporting our customers to deliver faster, more reliable, and more convenient services to their end users. “Adopted by many businesses to build new apps and optimise the performance of existing apps, our financial-grade mPaaS mobile development platform is well-positioned to support Kenanga in integrating a wide range of products and services to its SuperApp.”

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