The world has been seeing an antagonistic idea of China toward digital forms of money mainly cryptocurrencies. From altogether restricting all things crypto to encouraging unmistakable tech monsters in the district to control away from something very similar, China has been making a tremendous clamor.
Ant Group, a partner organization of the Alibaba Group, is good to go to help a Malaysian venture bank in carrying out a Bitcoin and crypto exchanging application in a somewhat unusual development. It was brought to light that Malaysia was doubling down on its interest in crypto. Kenanga Investment Bank Berhad, a prominent private investment bank in the region, has been working towards rolling out a crypto wallet and a trading app.
The bank has reportedly signed a memorandum of understanding with China’s Ant Group. The Bitcoin-based ‘super app’ is expected to entail an array of things, including an e-wallet, stock & crypto trading, FX, and digital investment management. With this partnership, Kenanga will employ mPaaS, this is a mobile development network formulated from AliPay App.
It should be noted that Kenanga began its experimentation with crypto about five years ago. With the current demand for crypto, the bank’s latest move would boost the company’s revenue.
Speaking about the same, Kenanga Group managing director Datuk Chay Wai Leong said, “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.”
Malaysia continues accelerating its pace of cryptocurrency adoption as one of the major local banks is moving into cryptocurrency trading as part of its default banking offerings.
Kenanga Investment Bank Berhad, one of the largest private investment banks with more than 500,000 customers, has partnered with China’s tech giant Ant Group to launch a crypto-friendly wallet and trading app.
Kenanga can also be an identified companion of the Japanese crypto-friendly retail agency Rakuten, offering Malaysia’s native online inventory buying and selling platform Rakuten Trade.
The cryptocurrency trade has seen some motion in Malaysia in the current months, with native officers reportedly calling for the federal government to legalize crypto in March 2022. While crypto funding and buying and selling have been authorized in Malaysia, the federal government opposed the concept of adopting crypto as authorized tender.