Malaysia banking giant Kenanga Investment Bank Berhad, which has more 500,000 customers, is going to work with Chinese tech conglomerate Ant Group to develop a cryptocurrency wallet and trading application.
Kenanga confirmed the news on Wednesday and has already signed a Memorandum of Understanding with Ant.
The resulting product has been called a “super app” by the company and will help it launch in the space with a strong technical foothold.
Ant will be using dedicated mPaaS, a mobile development platform, which was originally used to create the AliPay App, a popular payment gateway in China. Ant digital tech president Geoff Jiang was upbeat about the collaboration.
“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”, he said.
The app will cover both mainstream and cryptocurrency finance and integrate several financial services, such as stock trading, digital investment management, a digital wallet, foreign currency exchange and more.
Kenanga Group managing director Datuk Chay Wai Leong said that the bank is also looking to unify a broad spectrum of financial offerings and empower consumers. Malaysia has been very careful about the way cryptocurrency companies approach its citizens.
The country has put together a list of exchanges and firms that need to be approached cautiously as well, among which Huobi, a global cryptocurrency exchange.
Introducing a dedicated app with a local banking giant and a tech firm could be the right way to address this.
In the meantime, you do not need to invest in cryptocurrency to use it. You may as well have it as a form of entertainment. Websites such as Bitcasino, 1xBit or FortuneJack are all focused on online casino gameplay.