Alibaba Group Holdings Ltd.’s BABA financial affiliate Ant Group has signed a memorandum of understanding (MoU) with Malaysia’s Kenanga Investment Bank Berhad under which Kenanga will leverage mPaaS, a mobile development platform from Ant Group’s digital technology unit, to launch the country’s first Wealth SuperApp.
What It Does: The super app will integrate a suite of financial solutions, such as stock trading, digital investment management, e-wallet, crypto trading and foreign currency exchange, onto a single platform and ecosystem, according to a statement released by Kenanga.
It will extend the portfolio of digital products that Kenanga has successfully rolled out, from Rakuten Trade, Malaysia’s online stock trading platform, to Kenanga Digital Investing, a robo-advisor that has amassed over RM250 million ($55.8 million) in assets under management in six months.
Rakuten Trade is a joint venture between Kenanga and Japan’s Rakuten Securities.
Datuk Chay Wai Leong, Kenanga’s group managing director, said the super app will leapfrog its 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,” Leong said.
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