Kenanga Investment Bank Bhd announced that it has entered into an agreement with Ant Group as part of its effort to build and launch Malaysia’s first wealth super app. The memorandum of understanding (MoU) signed will allow Kenanga to leverage on mPaaS, a mobile development platform from Ant Group’s digital technology unit.

“Having spent the year conceptualising and designing the super app, 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 the group managing director of Kenanga, Datuk Chay Wai Leong.

Earlier this week, Kenanga had revealed that it is in the midst of conceptualising and developing a super app that will provide users with access to a range of financial services. Featuring various solutions – such as stock trading, digital investment management, e-wallet, crypto trading, and foreign currency exchange in one single platform and ecosystem – the super app is expected to be launched in early 2023, and to revolutionise how Malaysians approach wealth generation and management.

“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,” Datuk Chay further said.

Datuk Chay also shared that Kenanga’s digital journey began five years ago, after almost 50 years of retail experience serving over half a million customers. He believes that Kenanga’s super app will “leapfrog our growth to the next level”, especially with a robust digital product pipeline that is set to change Kenanga’s customer relationship and enable it to tap into opportunities in the marketplace.

Meanwhile, the president of Ant Group’s Digital Technology Business Group, Geoff Jiang said that the mPaaS platform will help Kenanga to deliver faster, more reliable, and more convenient services to their users. “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 super app,” he said.

Aside from the wealth super app, other digital products that Kenanga has already rolled out thus far include Rakuten Trade – an online stock trading platform – as well as Kenanga Digital Investing (KDI), a robo-advisor that features two capabilities (KDI Invest and KDI Save).

• TAGS:
• Ant Group
• Datuk Chay Wai Leong
• Geoff Jiang
• Kenanga Investment Bank
• Kenanga Investment Bank Bhd
• Kenanga Super App
• mPaaS