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Kenanga Bank buys 4.99% equity interest in Merchantrade Asia

Merchantrade is Malaysia’s largest money services operator, with over 1,700 touchpoints.

Malaysia’s Kenanga Investment Bank Berhad has acquired a 4.99% equity interest in Merchantrade Asia, the country’s leading e-money player and its largest money services business operator.

In a press release, Kenanga Investment Bank’s group managing director Datuk Chay Wai Leong said that they look forward to exploring digital opportunities with the Merchantrade.

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

Backed by Celcom Axiata Bhd and the Sumitomo Corporation of Japan, Merchantrade serves a customer base of over three million through its digital online and app-based channels and extensive nationwide physical network.

The money services operator recent acquired an additional stake in Singapore’s mobile remittance service, KLIQ, and also acquired Malaysian digital remittance player Valyou Sdn Bhd from the Telenor Group. The deal pushed Merchantrade’s a combined annual remittance turnover to almost $2.65b (RM11b) and expanded its network to over 1,700 touchpoints—solidifying itself as the largest remittance player in the country.

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