Kenanga, Ant Group to launch Malaysia’s first wealth superapp

The superapp is geared to revolutionise how Malaysians approach wealth generation and management

by S BIRRUNTHA / Pic by MUHD AMIN NAHARUL

KENANGA Investment Bank Bhd has partnered with Chinese fintech giant Ant Group to launch the country’s first wealth superapp.

The superapp is expected to be made available in the first quarter of 2023 (1Q23).

Under the partnership, Kenanga will leverage mobile-platform-as-a-service (mPaaS), a mobile development platform from Ant’s digital technology unit.

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.

Kenanga group MD Datuk Chay Wai Leong said they 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.

“With almost 50 years of retail experience serving over half a million customers, we believe the superapp will leapfrog our growth to the next level as well as reshape our relationship with our customers and harness opportunities in the marketplace,” he said during the launch of the superapp in Kuala Lumpur yesterday.

Ant digital technology business group president Geoff Jiang said adopted by many businesses to build new apps and optimise the performance of existing apps, the group’s financial-grade mPaaS mobile development platform is well-positioned to support Kenanga in integrating a wide range of products and services to its superapp.

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

Ant’s digital technology unit develops a full range of digital solutions in the fields of blockchain, privacy computing, security technologies and distributed database.  

The company is committed to enabling and reinforcing trust for participants in the digital economy, including consumers, businesses and partners.

The development of this superapp extends the portfolio of digital products that Kenanga has successfully rolled out previously, from Rakuten Trade to Kenanga Digital Investing, a robo-advisor that has amassed over RM250 million in assets under management in six months.