Malaysia’s largest independent investment bank, Kenanga, has tapped China’s Ant Group for its mobile development platform as the firm looks to launch a wealth management and financial services super-app.
According to Kenanga, the super-app would be powered by Ant Group’s mobile platform-as-a-service (mPaaS). It will have features for stock trading, digital investment management, an e-wallet, cryptocurrency trading, and foreign exchange.
“Having spent the year conceptualizing and designing the SuperApp, we are thrilled to partner with Ant Group, a globally recognized 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 democratizing 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.”
Kenanga Investment Bank group managing director Datuk Chay Wai Leong.
Since starting its journey toward digital transformation five years ago, Kenanga has already produced a robo-advisor and an online stock trading platform. The super-app is the most recent digital product to be developed by Kenanga.