Luno picks AmBank as primary banker for exchange in Malaysia

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

KUALA LUMPUR: London headquartered Luno, the first regulator approved crypto currency exchange in Malaysia, has appointed AmBank as its primary banker to support operations of its exchange.

In a joint statement issued on Monday, they said the Luno app has an instant purchase option that gives customers a simple way to buy, sell and store cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

AmBank's infrastructure allows for transaction monitoring and customised reconciliation that facilitates the seamless operations of the Luno exchange.

Luno customer funds are maintained in an AmBank Trust Account, under the Securities Commission (SC) requirements, coupled with a cash management solution that allows Luno customers easy access to trade on the exchange.

Luno customers can seamlessly top up their Luno wallet and withdraw funds through online banking or through the Luno mobile app.

Recall that on Oct 14, Luno received approval from the Securities Commission (SC) to let Malaysian investors to now trade Bitcoin and Ethereum in ringgit.

Luno is one of the leading cryptocurrency exchanges in the region with an end-to-end platform that caters to all types of customers.

The Luno app has an instant purchase option that gives customers a simple way to buy, sell and store cryptocurrencies - Bitcoin (BTC) and Ethereum (ETH). Through the same application, more sophisticated traders are able to use the order book exchange feature to trade cryptocurrencies.

At 3.50pm, Bitcoin was trading at US$7,250, down US$460. Its highest this year was US$12,733.7 on June 26 this year and year low was in early January at US$3,674.

Also down was Ethereum, shedding US$4.04 to US$148.94. For ths year, it rose to a high of US$337.25 also on June 26 and its year low in early January at US$130.4.

Additionally, general Educational content on cryptocurrencies is available via the online learning portal and mobile application.

David Low, Luno general manager for Southeast Asia described this as a historic partnership in Malaysia.

“As cryptocurrency is increasingly becoming accepted into not just the local but global financial and investment landscape, this partnership will benefit many Malaysians looking to embrace new forms of financial transactions or diversifying their investment portfolios.

“Luno will continue to strengthen its processes and controls to ensure Malaysians navigate the cryptocurrency ecosystem in a safe and reliable way, complying to all regulatory requirements, ” Low said.

Group CEO of AmBank Group Datuk Sulaiman Mohd Tahir described the arrangement a significant breakthrough for AmBank in being the first conventional bank to offer banking services to a regulated cryptocurrency exchange.

“This highlights our progressive journey in the digital and financial technology revolution to showcase our customised services and solutions as we continue to work with customers like Luno, ” he said

AmBank Group managing director of wholesale banking, Raja Teh Maimunah Raja Abdul Aziz said 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.” she said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Luno , AmBank , primary banker , Bitcoin , Ethereum , ringgit


Next In Business News

New properties lift Axis REIT Q1 income�
Leaked EU-Pfizer contract shows price for Covid-19 vaccines set at €15.5 per dose
Widad's unit secures RM90mil water treatment plant upgrade job in Kedah
Tasco buys 50% stake in Sabah cold chain logistics firm�
Techna-X in joint venture to develop EV technology�
THHE buys Destini's stake in ship building joint venture�
Petronas awards South East Collins Cluster cluster PSC to Vestigo
FBM KLCI ends at intra-day low in line with regional retreat
Norway's wealth fund earned $46 billion in Q1 as stocks rose
HK online brokerage Futu raises US$1.24bil to cash in on margin lending boom

Stories You'll Enjoy