Commenting on the acquisition, Kenanga Investment Bank Group Managing Director Datuk Chay Wai Leong said, “We have been building a digital ecosystem to offer our customers a wide spectrum of financial products and services, including digital assets. The emergence of digital assets including cryptocurrencies have been gaining acceptance globally in the last few years.
Tokenize Malaysia CEO Hong Qi Yu said “We are very pleased to welcome onboard, Kenanga Investment Bank Berhad, one of the leading investment banks in Malaysia, as a key investor. The combined reach, expertise and resources is game-changing and will allow us to scale our presence in Malaysia. Together we will shape the digital asset landscape and build an exciting path forward for investors in the country.
Tokenize Xchange is said to be the second largest DAX in Malaysia by traded value and it offers an online exchange platform that allows trading of cryptocurrencies such as Bitcoin and Ethereum. Tokenize Xchange was initially launched in Singapore by Hong Qi Yu in 2018 and it claims to have over 100,000 customers. They were awarded a Recognised Market Operator license by SC in June 2019 and the platform went live on 1st April 2020.