Rakuten Securities, one of the largest foreign exchange brokers in Japan and subsidiary of conglomerate Rakuten Inc, has achieved regulatory approval in Malaysia via a joint venture with Kenanga Investment Bank Berhad, per a regulatory filing.
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The latest iteration of the joint venture between Rakuten Securities and Kenanga Investment Bank Berhad builds on an existing partnership dating to April 2016, in which both venues agreed to collaborate on providing online brokerage services through Rakuten Trade Sdn Bhd (formerly Known As EB Global JV Sdn Bhd).
The deal had been subject to regulatory approvals from domestic regulators, namely the Securities Commission of Malaysia. As such, Rakuten Trade was granted a Capital Markets Services License, allowing it to list and deal in securities in the country, satisfying all regulatory obligations in the country, as mandated by the Capital Markets and Services Act of 2007.
Ultimately, the new venture helps expand Rakuten’s influence in the Asia-Pacific (APAC) region, with Kenanga Investment Bank Berhad’s Board of Directors helping forge a new gateway for the venue in Malaysia.