AmBank has invested in developing an infrastructure in accordance with regulatory requirements that allows for transaction monitoring and customised reconciliation
by TMR/ pic by RAZAK GHAZALI
LUNO, the first regulator approved cryptocurrency exchange in Malaysia, has appointed AmBank (M) Bhd as its primary banker to support operations of its exchange.
Luno Malaysia Sdn Bhd received approval from the Securities Commission Malaysia (SC) on Oct 14 this year, allowing Malaysian investors to now trade bitcoin and ethereum in ringgit.
Luno is one of the leading cryptocurrency exchanges in the region with an end-to-end platform that caters to all types of customers. The Luno app has an instant purchase option that gives customers a simple way to buy, sell and store cryptocurrencies — bitcoin and ethereum.
Through the same application, more sophisticated traders are able to use the orderbook exchange feature to trade cryptocurrencies.
Additionally, general educational content on cryptocurrencies is available via the online learning portal and mobile application.
AmBank has invested in developing an infrastructure in accordance with regulatory requirements that allows for transaction monitoring and customised reconciliation that facilitates the seamless operations of the Luno exchange.
Luno customer funds are maintained in an AmBank Trust Account, per SC requirements, coupled with a cash management solution that allows Luno customers easy access to trade on the exchange. Luno customers are able to seamlessly top up their Luno wallet and withdraw funds through online banking or through the Luno mobile app.
David Low (picture), Luno GM for South-East Asia said: “We are very proud to announce this historic partnership in Malaysia. As cryptocurrency is increasingly becoming accepted into not just the local, but global financial and investment landscape, this partnership will benefit many Malaysians looking to embrace new forms of financial transactions or diversifying their investment portfolios.
AmBank Group group CEO Datuk Sulaiman Mohd Tahir said Luno will continue to strengthen its processes and controls to ensure Malaysians navigate the cryptocurrency ecosystem in a safe and reliable way, complying to all regulatory requirements.
“This arrangement is a significant breakthrough for AmBank in being the first conventional bank to offer banking services to a regulated cryptocurrency exchange.
This highlights our progressive journey in the digital and financial technology revolution to showcase our customised services and solutions as we continue to work with customers like Luno,” he added.
Meanwhile, AmBank Group wholesale banking MD Raja Teh Maimunah Raja Abdul Aziz said: “We see that cryptocurrency has become an attractive investment opportunity for those looking to diversify their risk portfolios. Coupled with the growth of mobile users in Malaysia, the market is ripe for the services of a trustworthy exchange such as Luno, for Malaysians to have access to the cryptocurrency market.”
Established in 2013 and headquartered in London, Luno has proactively worked with banks and authorities throughout the region.
As part of the guidelines imposed by the SC, Luno will have approved know-your-customer and anti-money laundering checks in place and report suspicious transactions to both Bank Negara Malaysia and the SC.