PETALING JAYA: Kenanga Investment Bank Bhd has collaborated with Merchantrade Asia Sdn Bhd to introduce Malaysia’s first stockbroker e-wallet, Kenanga Money, which will be supported by a Visa prepaid card feature.
It highlighted that the move is part of its digitalisation journey and the feature marks the bank’s entry into cashless payment that would allow clients to transfer funds from their stock trading account into an e-wallet and prepaid card for retail payments, remittance and withdrawals worldwide.
Kenanga highlighted that users will benefit from a multi-currency function which enables them to buy, sell and store up to 20 foreign currencies at any given time, at Merchantrade’s competitive exchange rates.
Its managing director Datuk Chay Wai Leong commented that the collaboration will enable clients to enjoy interest income on their credit balance, greater access to their funds via the e-wallet and card for day-to-day purchase, cash withdrawals and multi-currency transactions locally and abroad.
“With almost 300,000 Kenanga account holders, our pursuit of digitalisation is centred on augmenting our ecosystem to create new value-add for our clients,” he said in a statement today.
“Kenanga Money will complement the growing suite of digital solutions we have in the pipeline that are geared towards the delivery of an integrated, seamless and multifaceted environment for our fast-expanding client base.”
Merchantrade managing director Ramasamy K Veeran stated that it is constantly seeking new opportunities with the right partners to serve a wider market with its technology and solutions.
“We are confident that Kenanga Money will be a game changer for the stockbroking industry and will be enthusiastically received by digitally-savvy and discerning stocktraders in the country today,” he said.
The stockbroker e-wallet will be rolled out in phases over the next few months.
