Malaysia reportedly carries on with its stride towards enhanced crypto adoption, as a top-tier local bank is setting up its presence in the sphere as part of its default banking services.

Specifically, Kenanga Investment Bank Berhad – among the major private investment banks catering to over 500,000 clients, has reportedly forged an alliance with China’s tech-heavyweight Ant Group to roll out a crypto wallet and trading application.

Per an announcement on August 24th, Kenanga has is reportedly inked its signature in a memorandum of understanding with Ant to collaboratively build Malaysia’s wealth application, which is regarded as a super app. 

Within the scope of the terms of the agreement, Ant’s digital technology unit will reportedly offer Kenanga “mPaaS”, a mobile development platform built from the foundation of the AliPay App.

“Adopted by many businesses to build new apps and optimize 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 into its SuperApp,” Ant’s digital tech president Geoff Jiang further noted.

The super app is reportedly built with the purpose of revolutionizing how wealth is managed in Malaysia via working on the integration of diverse financial services, such as stock trading, digital investment management, crypto trading, digital wallet, foreign currency exchange, and others into a single platform. 

Kenanga reportedly has plans down its pipeline to introduce the app in early 2023.

“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 democratizing financial services for the millions of Malaysians,” Kenanga Group managing director Datuk Chay Wai Leong said.