Kenanga buys stake in Merchantrade

KUALA LUMPUR: Kenanga Investment Bank Bhd has purchased a 4.99% equity interest in Malaysia’s largest Money Services Business operator Merchantrade Asia Sdn Bhd.

This follows Kenanga’s recent collaboration with Merchantrade to introduce Malaysia’s first stockbroker e-wallet, Kenanga Money.

“We are excited to be able to partake in the flourishing prospects of Merchantrade and look forward to exploring more digital opportunities together,” Kenanga group managing director Datuk Chay Wai Leong said in a statement today.

Merchantrade, one of the fastest growing digital payment and remittance brands in the country, is also backed by Celcom Axiata Bhd and Sumitomo Corp of Japan as its shareholders.

The company clinched the coveted Fintech Financial Services Award last year and serves a customer base of over three million through its digital online and app-based channels and extensive nationwide physical network.

Kenanga said the partnership with Merchantrade would add to the line-up of digital initiatives the group has embarked on over recent years.

This included the joint venture with Japan based Rakuten Inc to introduce the first fully online stocktrading platform in Malaysia.