Rakuten Securities expands to Malaysia, FXCM Asia rebrand set to go ahead this month

Rick Steves

After expanding to Hong Kong via  acquisition of FXCM Asia, Rakuten Securities Inc, part of the Japanese electronic commerce and internet company based in Tokyo Rakuten, has announced that has signed a joint-venture contract with Kenanga Investment Bank, part of K & N Kenanga Holdings Berhad based in Malaysia. Kenanga declared assets in a total […]

malaysia

After expanding to Hong Kong via  acquisition of FXCM Asia, Rakuten Securities Inc, part of the Japanese electronic commerce and internet company based in Tokyo Rakuten, has announced that has signed a joint-venture contract with Kenanga Investment Bank, part of K & N Kenanga Holdings Berhad based in Malaysia.

Kenanga declared assets in a total of an equivalent to $1.7 billion by the end of 2014, $196 million in revenue and $30.3 million in net income. It is the third largest among general securities companies and the first among retail securities companies in Malaysia, offering corporate finance, debt and equity capital markets, corporate banking, Islamic finance, equity broking, equity derivatives and structured products.

Rakuten Securities Inc, ranked second and fourth in Japan in terms of retail trading volume for equities and Forex, respectively. The firm acquired FXCM Japan and FXCM Asia after the Swiss peg crisis, for $62 million and $36 million. The company continues to use the FXCM trading system for FXCM Asia clients under a white label agreement with FXCM, but the Hong Kong branch will be rebranded to Rakuten Securities HK on April 21.

Yuji Kusunoki, President at Rakuten Securities said:

“We are delighted to be signing a joint venture agreement in partnership with Kenanga Investment Bank, one of Malaysia’s leading investment banks. This is a great opportunity for us to expand our 100% purely online brokerage business into Malaysia.”

Rakuten Securities and Kenanga signed a joint-venture contract that includes the Rakuten’s support and technologies to allow Malaysian customers’ trading various financial instruments, including Forex, futures, equities, and mutual funds in its platform, becoming the first online retail securities business in Malaysia. Kenanga will continue to attract new customer base.

Read this next

Fintech

Meme stock lawsuit against Robinhood nears resolution

Robinhood’s legal team has reportedly informed a Miami federal court that the settlement with investors suing the company is nearing completion, with expectations for a resolution and dismissal within the next two weeks.

Web3

US arrests Yune Wang for role in 911 S5 botnet scam

A global malware network, linked to the theft of $5.9 billion in Covid relief funds and crypto crimes, has been dismantled, the Department of Justice (DOJ) announced today. The network was also involved in child exploitation, bomb threats, and various cyberattacks.

Digital Assets

US Treasury official clarifies stance on crypto mixing services

The Financial Crimes Enforcement Network (FinCEN) proposed a rule last year to classify convertible crypto mixing as a “class of transactions” with primary money laundering concerns.

Fintech

Robinhood sweetens US crypto offering with trading API

Robinhood has launched a cryptocurrency trading application programming interface (API) for users in the United States. The new API caters to seasoned crypto traders by enabling automated trading strategies, allowing users to react quickly to market movements and trends.

blockdag

After Retik Finance’s 67% Drop, Investors Turn to BlockDAG’s 30,000x ROI Potential to Recover Their Losses

Explore how BlockDAG’s $37M presale is drawing investors while Retik Finance collapses to $0.403.

Digital Assets

Terraform Labs and co-founder Do Kwon reach settlement with SEC

Terraform Labs and its co-founder Do Kwon have reached a “settlement in principle” with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing on Thursday.

Market News, Tech and Fundamental, Technical Analysis

FTSE 100 Index Technical Analysis Report 30 May, 2024

FTSE 100 Index can be expected to rise further toward the next resistance level 8325.00, which reversed the price earlier this month.

Chainwire

Sui and Atoma Bring the Power of AI to dApp Builders

The integration of Atoma adds new capabilities to Sui’s flourishing developer ecosystem with unique AI-querying capabilities.

<