Kenanga’s JV with Rakuten gets approval-in-principle from SC

KUALA LUMPUR: Kenanga Investment Bank Bhd yesterday announced that its joint venture with Rakuten Securities, Inc – EB Global JV Sdn Bhd has received approval-in-principle for a license to deal in listed securities and provide investment advice from the Securities Commission Malaysia.

Kenanga group managing director Datuk Chay Wai Leong said he is pleased to have received the AIP and looks forward to introducing a new online stock trading platform to investors via its joint venture with Rakuten.

“Rated one of the most innovative companies by Forbes, Rakuten is one of the largest and most successful e-commerce and fintech companies in the world,” he said in a statement issued yesterday.

Rakuten Securities, Inc president Yuji Kusunoki said its partnership with Kenanga Investment Bank means that Rakuten is closer to fulfilling its growth plans of expanding its 100% online brokerage business into Asia.

Rakuten Securities is the second largest online broker in Japan.