Kenanga Investment Bank Berhad (Kenanga) has acquired a 4.99 percent equity interest in Merchantrade Asia Sdn Bhd (Merchantrade). Kenanga also introduced Malaysia’s first stockbroker e-wallet, Kenanga Money.
Merchantrade, one of Malaysia’ largest Money Services Business operators. It serves a customer base of over three million through its digital online and app-based channels and an extensive nationwide physical network.
“Constantly at the forefront of digitisation and driving innovation in financial services, Merchantrade is rapidly making waves across Asia in a segment projected to experience exponential growth.
We are excited to be able to partake in the flourishing prospects of Merchantrade and look forward to exploring more digital opportunities together,” commented Chay Wai Leong, Group Managing Director of Kenanga Investment Bank Berhad.
“Both homegrown brands with sights set on digital innovations, there is tremendous synergy between Kenanga and Merchantrade, from our business models, product line-up, and corporate values.
However, it is the underlying shared vision and ambition we have to reshape the financial space through emerging technologies, that will power the many other exciting collaborations in the pipeline. Building a robust ecosystem that adds value to the customers is at the core of our digital strategy. To bring that to live, finding the right partners to co-create and collaborate with, is crucial and the key to unlocking longer-term growth,” Chay explained.
Besides the partnership with Merchantrade, Kenanga’s digital initiative includes the successful joint-venture with Japan-based Rakuten Inc, to introduce the first fully online stock trading platform in Malaysia, Rakuten Trade.
Additionally, Kenanga’s partnership with award-winning digital supply chain financing company, Bay Group Holdings Sdn Bhd, has a work in progress robo-advisory platform that will be launched early next year.