Kenanga Investment Bank, Mimos ink MoU to promote fintech in Malaysia

• First investment bank in the country to collaborate with Mimos on fintech efforts
• Aims to design, develop and commercialise homegrown technology for the capital markets

KENANGA Investment Bank Bhd on March 9 announced that it had signed a Memorandum of Understanding (MoU) with Mimos Bhd, Malaysia’s Research & Development Centre in Information and Communications Technology, to promote and advance fintech in the country.

Kenanga Investment Bank is the first investment bank in the country to collaborate with Mimos on efforts to design, develop and commercialise homegrown technology, in areas of information security and intelligent informatics for the capital markets.

This collaboration is a platform to accelerate knowledge exchange, proof-of-concept projects, field-testing and training between both parties. It is an opportunity to develop viable and innovative fintech products for the investment banking space.

According to Kenanga Investment Bank group managing director Chay Wai Leong, “We are extremely pleased to be partnering Mimos, Malaysia’s leading technology provider in Information and Communications Technology. With its state-of-the-art lab, experience talents and over 1,000 patents across various technology domains, Mimos has been spearheading innovations through high impact projects in Malaysia.

“We hope this collaboration will pool together Kenanga’s knowledge of the capital markets and the technological expertise of Mimos to develop products that will benefit the local investment banking scene.”

Mimos president and chief executive officer Abdul Wahab Abdullah said: “Today, fintech is disrupting the financial service sector in a big way, and the technology looks set to continue to change the way customers look at the financial institutions.”

“The collaboration with Kenanga Investment Bank will spur value creation in the financial sector by bringing together the group's proven strengths in market knowledge with Mimos' frontier technology research and expanding expertise in data analytics,” he said.   

 
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