Malaysia’s first online trading platform launched, targets 30% retail market share

Malaysia’s first fully online trading platform, iSPEED.my, was launched today, and it aims to capture up to 30% of the country’s retail market share in the next three years. The mobile application platform was launched by Rakuten Trade Sdn Bhd, a joint venture (JV) between Kenanga Investment Bank Bhd and Japan-based Rakuten Securities Inc. The JV was first inked in April 2016.

As an online trading platform, Rakuten Trade aims to revolutionise online stock trading in Malaysia with its platform, allowing customers to open an equity trading account completely online for trading on the local bourse.

Deputy Minister of Finance Datuk Lee Chee Leong said that while the preferred access market is still through the traditional remisier or broker assisted trading, Malaysia has seen gradual increase in online trading. “As of 2016, online trading participation is at 25% of total market trades, increasing from a figure of 22% registered at the end of 2012,” said Lee when officiating the launch.

Last month, Rakuten Trade received a restricted Capital Markets Services Licence from the Securities Commission Malaysia (SC) to enable Rakuten Trade to deal in listed securities and provide investment advice. “We are honoured to be the first in Malaysia to obtain a Capital Markets Services Licence that will allow us to introduce the country’s first complete online brokerage business.

“In line with the SC’s digital agenda, our platform is designed to appeal to the needs of the new generation investors who are digital and e-commerce inclined, as well as existing technology savvy traders who prefer self-directed trades,” said Rakuten Trade managing director Kaoru Arai.

Rakuten Securities, the second-largest online broker in Japan, is one of the main subsidiaries of Rakuten Inc.

TEM

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