Kenanga Investment Bank has signed a Memorandum of Understanding (MoU) with Ant Group to leverage mPaaS, a mobile development platform from the latter’s digital technology unit, to launch a Malaysian wealth superapp.

According to Kenanga, the superapp is geared to revolutionise how Malaysians approach wealth generation and management by integrating 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.

The development of this superapp extends the portfolio 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 over RM250 million in AUM in six months.

During a closed-door media session held recently, Kenanga revealed that they are targeting to launch the superapp by the first quarter of 2023.

“Having spent the year conceptualising and designing the SuperApp, we are thrilled to partner with Ant Group, a globally recognised and experienced infrastructure and platform provider, to develop this platform and bring it to life.

 

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 democratising financial services for the millions of Malaysians around the country who want better, swifter and cheaper access to financial products and solutions,”

said Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank.

“We have been committed to supporting our customers to deliver faster, more reliable, and more convenient services to their end users.

 

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.”

said Geoff Jiang, President of Ant Group’s Digital Technology Business Group.