Kenanga Investment Bank (Kenanga IB) has announced that it will soon be introducing Malaysia’s first stockbroker e-wallet, Kenanga Money, in collaboration with Merchantrade Asia Sdn Bhd. The e-wallet will be rolled out in phases across the next few months, and it will be supported by a Visa prepaid card feature.
In a statement, Kenanga IB said that the e-wallet will offer users the benefit of being able to easily transfer funds from their stockbroking account into an e-wallet and prepaid card for retail payments, remittance, and withdrawals worldwide. Additionally, its multi-currency function lets users buy, sell, and store up to 20 foreign currencies at any given time – set at Merchantrade’s exchange rates.
“In addition to enjoying an interest income on their credit balances, our clients will also be able to seamlessly access their funds through the e-wallet and card for day-to-day purchases, cash withdrawals, and multi-currency transactions locally and abroad, bringing new levels of convenience and flexibility to their everyday lives,” said the group managing director of Kenanga IB, Datuk Chay Wai Leong.
Datuk Chay further said that Kenanga Money will complement the bank’s growing suite of digital solutions, allowing for the delivery of an integrated, seamless, and multifaceted service to its growing base of almost 300,000 accountholders. The launch of this e-wallet also marks the investment bank’s entry into the cashless payment space.
Meanwhile, the managing director of Merchantrade, Ramasamy K Veeran said that the company is constantly seeking for the right opportunities and partners to broaden its reach and serve a wider market with its unique technology and solutions.
“Both Kenanga and Merchantrade are homegrown brands that have stood the test of time, and are thriving through digital innovation. We are confident that Kenanga Money will be a game changer for the stockbroking industry,” he said, adding that the e-wallet would be enthusiastically received by digitally savvy and discerning stockbrokers nationwide.