BUSINESS

KENANGA INVESTMENT BANK TO INCREASE STAKE IN MERCHANTRADE ASIA TO 19.94 PCT

25/06/2024 01:01 PM

KUALA LUMPUR, June 25 (Bernama) -- Kenanga Investment Bank Bhd has received Bank Negara Malaysia’s approval to acquire an additional 15.20 per cent equity interest in Merchantrade Asia Sdn Bhd, the country’s largest money services business (MSB) operator and a leading player in the digital payments space.

In a statement, the investment bank said upon completion, the group’s aggregated equity holding in Merchantrade will increase to 19.94 per cent from 4.74 per cent previously, positioning it as the second-largest shareholder after Merchantrade’s managing director and founder, Ramasamy K. Veeran.

Group managing director Datuk Chay Wai Leong said the exercise reflects Kenanga Group’s commitment to strengthening its relationship with the company and underscores its dedication to fostering partnerships within the financial ecosystem, to explore synergies and expand innovative offerings.

He said as two homegrown brands deeply rooted in Malaysia’s financial landscape, Kenanga Group and Merchantrade share a common vision and ambition to drive digital innovations and reshape the financial industry.

“Our increased equity interest in Merchantrade underscores our commitment to leveraging emerging technologies to revolutionise the way financial services are delivered.

“Together, we are poised to accelerate our collective efforts in delivering innovative solutions and enhancing the digital experience for our customers,” he said.

According to the statement, as the country’s largest MSB operator and a leading player in the digital payment space, Merchantrade is known for its innovative solutions.

With a vast customer base exceeding five million since its inception, the company serves its clientele through digital platforms, app-based channels, and an extensive nationwide physical network.

-- BERNAMA


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