Kenanga Investment Bank Berhad, one of the largest financial services companies in Malaysia, enters the cryptocurrency industry thanks to a new investment.
According to an official announcement on February 8, Kenanga signed a conditional agreement Acquisition of a 19% stake in a licensed cryptocurrency exchange. The investment was made easier by Kenanga private equity, Kenanga’s wholly owned private equity division.
According to the agreement, Kenanga will invest in Tokenize Technology, the operator of the local crypto exchange Tokenize Xchange. By offering trading services for major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) The platform is one of three licensed digital asset exchanges regulated by the Malaysian Securities Commission. According to Kenanga, Tokenize Xchange is the second largest exchange for digital assets by market share in Malaysia.
Datuk Chay Wai LeongKenanga Investment Bank Berhad, Group CEO, said: “We have built a digital ecosystem to offer our customers a wide range of financial products and services, including digital assets.”.
“Our interest in digital assets extends beyond Bitcoin and other commonly traded cryptocurrencies. We believe that the technology behind digital assets is very powerful and the emergence of digital assets is inevitable in the future“, He added.
A spokesman for Kenanga Investment Bank Berhad declined to provide further details about the investment.
Kenanga is reportedly one of the largest financial services companies in Malaysia owns Malaysia’s largest independent investment bank by volume and stock trading. The company is a well-known partner of the Japanese retail company Rakuten, which offers a joint online stock trading platform. Rakuten trade, in Malaysia.
Until the end of 2020 Malaysia has passed new guidelines for digital assets by the Malaysian Securities Commission. The target group are custodian banks for digital assets and initial exchange offers. The rules aim to encourage “responsible innovation in digital assets”.as well as managing potential risks and safeguarding the interests of issuers and investors.