KUALA LUMPUR (Sept 25): Kenanga Investment Bank Bhd announced today its partnership with Merchantrade Asia Sdn Bhd on the planned rollout of a stockbroker e-wallet known as Kenanga Money under the former's ongoing digitalisation journey.

In a statement today, Kenanga said Kenanga Money will be supported by a Visa prepaid card feature.

"Kenanga Money will be rolled out in phases over the next few months," Kenanga said.

"As part of Kenanga’s ongoing digitalisation journey, Kenanga Money marks the investment bank’s entry into the cashless payment space, enabling its clients the freedom to easily transfer funds from their stocktrading account into an e-wallet and prepaid card for retail payments, remittance and withdrawals worldwide.

"Users will also benefit from the innovative 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," Kenanga said.

In the statement, Kenanga group managing director Datuk Chay Wai Leong said with its shared vision to innovate financial solutions, the strategic collaboration with Merchantrade will enable Kenanga to reshape clients' stockbroking experience.

"In addition to enjoying an interest income on their credit balances, our clients will also be able to seamlessly access their funds through the e-wallet and card, for day-to-day purchases, cash withdrawals and multi-currency transactions locally and abroad, bringing new levels of convenience and flexibility to their everyday lives,” Chay said.

In the statement, Kenanga claimed that the partnership with Merchantrade will introduce Malaysia’s first stockbroker e-wallet.

Merchantrade is Malaysia’s leading fintech and e-money player, besides the country’s largest money services business operator, according to the statement.

"It (Merchantrade) serves a customer base of over three million through its digital online and app-based channels and extensive nationwide physical network.

"The company has built a comprehensive digital ecosystem of purposeful financial and other services through industry partnerships and collaborations to enrich the lives of its customers and their communities," Kenanga said.

On Bursa Malaysia today, Kenanga rose 1.5 sen or 2.19% to 70 sen at 3.03pm for a market value of RM497.5 million.

The stock saw 162,000 shares traded.