With its acquisition of a 49% stake in Kenanga Capital Islamic Sdn Bhd (KCI), Malaysian fintech startup CapBay is forming a joint venture with KCI’s parent company Kenanga Investment Bank Berhad (KIBB) to create Malaysia’s first Islamic supply chain finance fintech, according to a statement.
The joint venture aims to “continue the effort of growing Shariah-compliant [businesses] and developing the Islamic finance market.”
Following the acquisition, CapBay co-founder Xing Xian Ang will serve as KCI’s CEO. He will report to Datuk Chay Wai Leong, the group managing director at KIBB. Meanwhile, Dato’ Sri Mohd Mokhtar Mohd Shariff has been appointed as chairman of CapBay.
