Kenanga Investment Bank Berhad (“Kenanga Investment Bank”) recently announced that it had signed a joint venture agreement with Rakuten Securities, Inc. (“Rakuten Sec”) that is anticipated to culminate in a new online broking platform for the securities business.
Rakuten Sec, one of the main subsidiaries of Rakuten, Inc. (“Rakuten”), is a successful purely online broker in Japan that distributes a comprehensive range of products and services including domestic and overseas equities and futures, mutual funds, OTC FX (over-the-counter forex), fixed income and commodities to a two million client base.
According to Datuk Chay Wai Leong, Group Managing Director, K & N Kenanga Holdings Berhad (“Kenanga Group”), “We are pleased to be partnering Rakuten, one of the largest and most successful e-commerce and fin-tech companies in the world. Rated one of the most innovative companies by Forbes, Rakuten is growing rapidly with current operations throughout Asia, Europe, the Americas and Oceania. An organisation with a dynamic business model that cuts across online securities broking, internet banking, online mall, online travel reservations, as well as having household names such as Viber and Kobo as part of their portfolio, we look forward to collaborating with them to bring new exciting digital innovations to the Malaysian online broking scene.”
Mr Yuji Kusunoki, President, Rakuten Sec said, “We are delighted to be signing a joint venture agreement in partnership with Kenanga Investment Bank, one of Malaysia’s leading investment banks* and part of Kenanga Group, a multiple award winning financial group. This is a great opportunity for us to expand our 100% purely online brokerage business into Malaysia.”
The online broking platform will be launched upon receiving the relevant regulatory approvals. It will provide a new trading experience to clients. Through this strategic partnership, Rakuten Sec will extend its experience and best practices in the areas of online marketing, online product design and online business.