Kenanga announces acquiring 19% stake in Tokenize Malaysia

Kenanga announces acquiring 19% stake in Tokenize Malaysia

In an attempt to accelerate its digital agenda worldwide, Kenanga Investment Bank Berhad, through its private equity firm- Kenanga Private Equity Sdn Bhd, has reportedly announced entering into a conditional agreement with Tokenize Xchange to take over 19% equity interest in Tokenize Technology Sdn Bhd (Tokenize Malaysia).

For the record, Tokenize Xchange, launched in 2018, has emerged as a potential online exchange platform that allows trading of cryptocurrencies and digital assets, whole year around. In mid-2019, Tokenize Malaysia received a RMO (Recognized Market Operator) license to operate by the Securities Commission of Malaysia (SC).

Commenting on the novel initiative, Group MD of Kenanga Investment Bank Berhad, Datuk Chay Wai Leong cited that the firm has been constantly building a digital ecosystem to provide its customers a wide spectrum of financial services and products, including the digital assets. While it is keen on crypto as an asset class, the firm is well aware of the volatility and proliferation of unregulated players in the market.

He added that Kenanga is delighted to have been offered the opportunity to invest in one of the 3 digital asset exchanges in Malaysia.

Mr. Leong further stated that Kenanga is hopeful that fund raising via the tokenization business and assets would stand to be a significant part of the capital markets in the future for Malaysia. The firm believes, through this initiative, Kenanga can come out strong as a key player in the digital capital market space in the country.

While on the other hand, Hong Qi Yu, CEO at Tokenize Malaysia, mentioned in a statement that the organization is pleased to welcome onboard the member of Kenanga Investment Bank, as a key investor. He has laid his firm belief on the fact that together, the companies would be able to shape the digital asset landscape and create an enthusing path forward for investors in the Malaysian states.

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