Ant Group Partnered with Malaysian Investment Bank, Kenanga

Ant Group joins Kenanga to launch a wealth management app.
The app will allow the trading of cryptocurrencies.

The financial service company of China, Ant Group, partnered with Malaysia’s investment bank, Kenanga. On Wednesday, Kenanga announced the memorandum of understanding with Ant Group, which it has signed.

“SuperApp” developed by Ant Group for Kenanga

Ant Group will develop an application that will be called “SuperApp”. It is basically designed to integrate stock trading, crypto trading, foreign currency exchange and e-wallet features on its single app platform.

Geoff Jiang, who is the president of digital technology of Ant Group, stated “Adopted by many businesses to build new apps and optimise the performance of existing apps, our financial-grade mPaaS mobile development platform is positioned to support Kenanga in integrating a wide range of products and services into its SuperApp.”

Kenanga will use the mobile development platform of Ant Group, mPaaS. It must be noted that Ant Group focuses on blockchain technology with its digital technology unit. The unit is responsible for developing and designing projects that are based on blockchain, privacy computing, security and distributed databases.

On the app launch, the managing director of Kenanga group, Datuk Chay Wai Leong, stated, “We look forward to not only unifying a broad spectrum of financial offerings under one roof, but to make wealth creation accessible by democratising financial services for the millions of Malaysians.” While, reportedly the launch of SuperApp is expected in early 2023.

Apparently, Ant Group is affiliated with the Chinese tech giant Alibaba, where the major competitor, Tencent, strongly competes in the race of blockchain development. Tencent received a patent for blockchain-based notices for missing persons, last week.

It can be concluded that Kenanga was active in digital financial service around last year, as it also partnered with Japanese crypto firm, Rakuten. It basically allows Malaysians to do online trade through its trading platform, Rakuten Trade. In March, 2022 the Malaysian also asked the government to legalise cryptocurrencies.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing