Kenanga Investment Bank and AntChain Technology Inks Agreement to Adopt ‘mPaaS’ Technology for Malaysia’s First Wealth SuperApp
KUALA LUMPUR, MALAYSIA - Media OutReach - 31 October 2022 - Kenanga Investment Bank Berhad ("Kenanga") has entered into an agreement with AntChain Technology Pte. Ltd. ("AntChain"), part of the Ant Group, to build Malaysia's first wealth SuperApp using AntChain's proprietary mobile platform solution.
This agreement follows from its recent MoU with AntChain.
Kenanga's SuperApp aims to help Malaysians save and grow their wealth through our innovative and interactive platform – one that delivers our competitive financial products simply and transparently, enabled by our extensive experience in wealth creation and in today's leading technology.
"The SuperApp will integrate a spectrum of financial and wealth offerings under one easy to access ecosystem, transforming how Malaysians view and approach wealth creation," commented Datuk Chay Wai Leong, Group Managing Director, Kenanga.
"A big part of Kenanga's SuperApp success will ride on our ability to deliver a seamless and engaging digital customer experience. This is primarily the reason Kenanga is adopting AntChain's mPaaS solution because it allows us to rapidly evolve the SuperApp to keep up with changing needs of our customers and react quickly in today's fast-changing world," added Datuk Chay.
AntChain's proprietary solution, known as the Mobile Platform as a Service ("mPaaS"), is a cutting-edge product which originated from Alipay App and a one-stop mobile app lifecycle management solution that will enable Kenanga to realize its SuperApp ambitions in an expedient yet robust and secure manner. The mPaaS product has been trialed and tested by numerous successful e-commerce and e-wallet brands around the region.
"We are excited and honored to provide mPaaS to Kenanga, and support Malaysia's leading investment bank in building its wealth SuperApp with speed and reliability," said Geoff Jiang, President of Digital Technology Business Group, Ant Group.
Ant Group Digital Technologies is a global leader in blockchain, privacy computing, security technologies and distributed databases. The technology provider is proactively committed to driving change and enhancing trust with its leading-edge digital services and solutions for consumers, businesses and partners in the digital economy.
The SuperApp will extend the suite of digital products that Kenanga has successfully rolled out, from Rakuten Trade, Malaysia's fastest growing online stock trading platform, to Kenanga Digital Investing, a robo-advisor that has amassed more than RM250 million* in AUM since its launch in February 2022.
*As at end September 2022
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About Kenanga Investment Bank Berhad (197301002193 (15678-H))
Established for more than 45 years, Kenanga Investment Bank Berhad (the Group) is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing with strong foundations in regulatory compliance and risk management.
An innovative and established home-grown brand, the Group's digital ambition includes building a robust digital ecosystem that meets the needs of its clients and businesses. Some of its game-changing products includes Malaysia's fully online digital stockbroking platform Rakuten Trade and a fully A.I. robo-advisor, Kenanga Digital Investing. The Group also launched Malaysia's first securities broking e-wallet, Kenanga Money, paved the way in AI-led Quan and algorithmic trading, kick-started a revolutionary supply chain financing solution for SMEs and made inroads into the digital assets space through its investment in Tokenize Technology (M) Sdn.Bhd.
The Group has garnered a host of awards and accolades reflecting its strong market position. It was awarded under the categories of Highest Returns to Shareholder Over Three Years, Best Overall Equities Participating Organisation by Bursa Malaysia, Best Overall Derivatives Trading Participant, Best Structured Warrant Issuer, Best Retail Equities Participating Organisation, Best Institutional Equities Participating Organisation Investment Bank; along with Best Trading Participant and Best Institutional Equities Participating Organisation and for Equity and Financial Derivatives for 18 consecutive years. The Group was also accorded the title of Best Institutional Derivatives Trading category by Bursa Malaysia.
The Group continues to be a regular and repeat recipient of distinguished industry accolades, such as the Lipper, Fundsupermart and Morningstar awards. Rakuten Trade, Malaysia's first fully digital securities broker in 2017 via a joint venture with Japanese fintech giant Rakuten Securities Inc was also named Malaysia's fintech company of the year in 2018 by the Malaysian Communications and Multimedia Commission (MCMC). For its continued efforts towards community outreach and employee volunteerism, the Group was awarded the coveted Company of the Year award for environmental and sustainability at Sustainability & CSR Malaysia Awards 2021. The Group is also a Participant of the United Nations Global Compact and adheres to its principle-based approach to responsible business.
Today, Kenanga Investment Bank Berhad is an award-winning leading independent investment bank in the country with a continuous commitment towards driving collaboration, innovation, digitalisation and sustainability in the marketplace.
This Press Release was issued by Kenanga Group's Marketing, Communications & Sustainability department.
