Ant Group, Malaysian investment bank Kenanga develop crypto wealth app

Ant Group, Chinese tech giant Alibaba’s fintech affiliate, has partnered with Malaysian investment bank Kenanga to launch a wealth management app with features to trade cryptocurrencies.

See related article: Tencent gets patent nod to use blockchain for missing persons’ notices

Fast facts

• Kenanga Investment Bank Berhad announced on Wednesday that it signed a memorandum of understanding with Ant Group to develop “SuperApp,” which is designed to integrate stock trading, crypto trading, foreign currency exchange and e-wallet features onto a single platform.
• The investment bank will build the app using Ant Group’s mobile development platform mPaaS.
• Blockchain technology is a focus of Ant Group’s digital technology unit, which develops projects in the fields of blockchain, privacy computing, security and distributed database.
• Tencent, Alibaba’s major rival, is also active in blockchain development. It last week received a patent for blockchain-based notices for missing persons.

See related article: China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation