Kenanga Investment Bank Berhad (“Kenanga”), Malaysia’s largest independent investment bank, today signed a Memorandum of Understanding (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.
The SuperApp is geared to revolutionise 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.
“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,” said Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank commented.
“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 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,” Datuk Chay added.
“We have been committed to supporting our customers to deliver faster, more reliable, and more convenient services to their end users,” said Geoff Jiang, President of Ant Group’s Digital Technology Business Group. “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.”
Ant Group’s 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.