PETALING JAYA: Luno, the first regulator-approved cryptocurrency exchange in Malaysia, has appointed AmBank as its primary banker to support its operations.
AmBank has invested in developing an infrastructure in accordance with regulatory requirements that allows for transaction monitoring and customised reconciliation that facilitates the seamless operations of the Luno exchange, according to a joint statement released by both companies.
Luno customer funds are maintained in an AmBank trust account, as per Securities Commission Malaysia (SC) requirements, coupled with a cash management solution that allows Luno customers easy access to trade on the exchange.
Luno customers are also able to seamlessly top up their Luno wallet and withdraw funds through online banking or through the Luno mobile app.
Luno general manager for Southeast Asia David Low said the partnership will benefit many Malaysians looking to embrace new forms of financial transactions or diversifying their investment portfolios.
Meanwhile, Ambank Group CEO Datuk Sulaiman Mohd Tahir said the arrangement is a significant breakthrough for AmBank in being the first conventional bank to offer banking services to a regulated cryptocurrency exchange.
“We are seeing that cryptocurrency has become an attractive investment opportunity for those looking to diversify their risk portfolios.
“Coupled with the growth of mobile users in Malaysia, the market is ripe for the services of a trustworthy exchange such as Luno, for Malaysians to have access to the cryptocurrency market,” added Ambank Group managing director for wholesale banking Raja Teh Maimunah Raja Abdul Aziz.
Luno received approval from the SC on Oct 14, 2019 allowing Malaysian investors to now trade bitcoin and ethereum in Malaysian ringgit.
As part of the guidelines imposed by the Securities Commission of Malaysia, Luno will have approved Know-Your-Customer and Anti Money Laundering checks in place and report suspicious transactions to both Bank Negara Malaysia and the SC.
