A new ‘SuperApp’ for cryptocurrencies is on the horizon. This came about after it was announced that the development of such a platform will be set in motion by 2 major players in the region.
Facilitating the cryptocurrency platforms
According to reports, Ant Group, a Chinese technology company responsible for the development of Alipay will be working with Kenanga Investment Bank for the effort.
Alipay is one of the largest digital payment platforms in China while Kenanga Investment Bank is a major player in the Malaysian finance sector.
Together, they will be building the first ‘SuperApp’ for Malaysia. This will be used to facilitate activities in cryptocurrency including portfolio management, e-wallets and trading.
Details of the collaboration
Kenanga Investment Bank is the largest independent investment bank in Malaysia. Established in 1973, the bank has been widely touted to be the cryptocurrency hub of Asia recently. Today, Kenanga Investment bank has more than half a million customers.
The bank recently started working with Rakuten, the Tokyo-based e-commerce firm in rolling out Rakuten Trade.
Kenanga also rolled out their own robo-advisor, Kenanga Digital Investing which has already achieved remarkable results, garnering more than a quarter billion ringgit in assets within half a year.
This goes to show the commitment of Kenanga in venturing into the digital finance sector into becoming a major player in the business.
For this collaboration, Kenanga will work with Ant Group by using their mPaaS development platform to build the app.
If everything goes according to plans, the market can expect the ‘SuperApp’ to be available by 2023’s first quarter.
Expectations of the app
Through the ‘SuperApp’, the operators hope to revolutionize the approach of Malaysians towards wealth and finance management. It will be introducing a range of financial solutions in order to achieve the objectives within its platform.
The idea is not only to unify the financial offerings within a single app. Kenanga wants to make wealth creation more accessible to Malaysians.
When such services are more easily available and accessible, it helps to provide Malaysians with swifter and cheaper options. Hence, such a platform could leapfrog the bank to a higher level and strengthen its relationship with its customers.
On the other hand, the digital technology unit of Ant Group will be the platform used to develop the app. The unit is involved in a broad range of services that covers major areas such as security technologies, privacy computing, distributed databases and more notably, blockchain.