Kenanga Investment Bank has acquired 4.99% equity interest in Merchantrade, a Malaysian digital money services business operator and e-money issuer.
This follows Kenanga’s recent collaboration with Merchantrade to introduce their own e-wallet, Kenanga Money.
“Merchantrade is one of the fastest growing digital payment and remittance brands in the country. Constantly on the forefront of digitisation and driving innovation in financial services, they are rapidly making waves across Asia in a segment projected to experience exponential growth. We are excited to be able to partake in the flourishing prospects of Merchantrade and look forward to exploring more digital opportunities together,”
commented Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad.
Merchantrade made headlines with its recent acquisition of additional stake in Singapore’s mobile remittance service, KLIQ, as well as its recent 100% acquisition of local digital remittance player, Valyou from the Telenor Group.
With this acquisition, Merchantrade will reportedly have a combined annual remittance turnover of more than RM11 billion and a network of over 1,700 touchpoints.
This partnership with Merchantrade adds to the line-up of digital initiatives Kenanga has embarked on over recent years. This includes the joint-venture with Japan-based Rakuten, to introduce the first fully online stock trading platform in Malaysia, Rakuten Trade.
Featured image: Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad.