Malaysia-based Kenanga Investment Bank has rolled out a new digital wealth management product that combines all client financial portfolios onto a single portal.
Known as KenWRAP, the new online wealth management tool provides clients a singular view of all their investments in one single portal and intends to attract up to 2,000 financial planners into the platform within 3-5 years.
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The platform also evaluate a person’s current financial and risk profile and provides a recommended financial plan customized to their profile.
The company intends to employ 16 financial planning companies by the end this month.
Additionally, the wealth management platform offers over 350 types of investment solutions by over 20 investment providers to clients.
Kenanga Investment offers a range of products including unit trust, share trading, private retirement scheme insurance as well as wills and trusts.
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By GlobalDataWilliam Lee, head of wrap wealth management at Kenanga, said: "Currently we have about a couple of hundred financial planners with us."
Joyce Wee Swee Fong wealth management distribution senior vice-president said the bank was also working towards allowing the clients of financial planners to access the platform.
"Hopefully, we will be able to open the platform to them next year. Right now, we are focusing on the business-to-business partners," she added.
