Malaysian investment bank Kenanga develops crypto wealth app with Ant Group

The Ant Group, Alibaba’s fintech affiliate, has partnered with Malaysian investment bank Kenanga to launch a cryptocurrency trading app.

Fast facts

• On Wednesday, Kenanga Investment Bank Berhad announced it signed a memorandum of understanding with Ant Group to create a platform that integrates stock trading, crypto trading, foreign currency exchange, and e-wallet functions.

• The investment bank will use Ant Group’s mobile development platform mPaaS to build the app.

• Ant Group’s digital technology unit, which develops projects in blockchain, privacy computing, security, and distributed databases, is focused on blockchain technology. 

• Tencent, Alibaba’s main competitor, is also involved in blockchain development. A patent for blockchain-based missing person notices was issued last week. 

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