Bitcoin app debuts in Malaysia with backing from China’s Ant Group
The world has witnessed China’s hostile nature towards cryptocurrencies. From outright banning all crypto to urging prominent tech giants in the region to steer clear of the same, China has been making huge noise. Ant Group, an affiliate of Alibaba Group, is set to help a Malaysian investment bank roll out a Bitcoin and crypto trading app in a rather bizarre turn of events.
It was revealed that Malaysia doubled its interest in crypto. Kenanga Investment Bank Berhad, a prominent private investment bank in the region, has been working on rolling out a crypto wallet and trading app.
The bank has reportedly signed a memorandum of understanding with China’s Ant Group. The Bitcoin-based “super app” is expected to feature a variety of things, including an e-wallet, stock and crypto trading, FX and digital investment management. With this partnership, Kenanga will use mPaaS, which is a mobile development network formulated from the AliPay app.
It should be noted that Kenanga began his experimentation with crypto about five years ago. With today’s demand for crypto, the bank’s latest move will boost the company’s revenue.
Speaking on the same, Kenanga Group CEO Datuk Chay Wai Leong said,
“We look forward to not only unifying a wide range of financial offerings under one roof, but more importantly, to making value creation more accessible by democratizing financial services for millions of Malaysians.”
Why is China’s ant group exploring crypto waters?
The latest news surprises many, considering China’s stance on cryptocurrencies. Last month, prominent tech and internet giants in China decided to sign an initiative to ban cryptocurrency and NFTs. In addition, they even promised that they would not create secondary marketplaces. This list included Tencent as well as Ant Group.
It seems Ant Group was doing crypto outside of China. Malaysia has steered against crypto lately. Several local authorities in the region urged the government to legalize crypto and NFTs. Amidst this, the region’s finance minister remained skeptical of crypto payments. With the intervention of China’s tech giant and uncertainty over crypto laws in Malaysia, the fate of the “super app” remains in doubt.
