China's Ant Group to Work With Malaysian Investment Bank Kenanga on Crypto 'SuperApp'

Malaysia's largest independent investment bank will introduce an app that includes crypto trading and portfolio management.

AccessTimeIconAug 24, 2022 at 11:11 a.m. UTC
Updated Aug 24, 2022 at 3:21 p.m. UTC

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Chinese technology company Ant Group, the developer of Alipay, one of China's largest digital-payment platforms, is working with Kenanga Investment Bank on Malaysia's first "SuperApp," which will include crypto trading, e-wallets and portfolio management.

According to a press release on Kenanga's website, the bank has agreed to work with Ant Group, an affiliate of e-commerce company Alibaba (BABA), to leverage the Chinese company's mobile development platform, mPaaS, for the app.

Kenanga was founded in 1973 and is Malaysia's largest independent investment bank. It has more than 500,000 customers. The nation was tipped to become Asia's crypto hub earlier this year.

"We look forward to not only unifying a broad spectrum of financial offerings under one roof, but to make wealth creation more accessible by democratizing financial services for the millions of Malaysians around the country," said Datuk Chay Wai Leong, group managing director of Kenanga Investment Bank.

The Super App, which will utilize Ant Group's blockchain, privacy computing and security solutions, will also include functionality for stock trading and foreign exchange.

Kenanga also joined Tokyo-based e-commerce company Rakuten in introducing Rakuten Trade, Malaysia's fastest growing stock trading app.

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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.