Malaysia’s largest independent investment bank Kenanga announced today that it is partnering with China’s technology powerhouse, Ant Group, to launch a wealth generation and management “SuperApp.”
The “SuperApp” will feature a suite of financial solutions, such as stock trading, digital investment management, foreign currency exchange and crypto trading, according to a release published on Wednesday.
“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 at Kenanga, in the release.
Ant Group is the technology firm behind the development of Alipay, which is now China’s largest digital payment platforms. The investment bank will leverage Ant Group’s mobile development platform, mPaaS, for the app, according to the release.
“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,” Datuk Chay said.
The investment bank, founded in 1973, started its digital journey five years ago, per the release. It also recently partnered with Tokyo-based e-commerce company Rakuten to launch Rakuten Trade, a fast-growing stock trading app.
Kenanga also launched a robo-advisor that has amassed over $55 million in assets under management in six months, per the release.
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