Luno, the first Malaysian regulator approved crypto exchange, appointed AmBank as its principal banker to manage all its banking operations and transactions of its exchange.
The Luno app has a facility for instant purchase, offering customers a seamless gateway for buying, selling, and storing virtual currencies like Bitcoin and Ethereum. The same application allows experienced traders to utilize the order book exchange feature to transact cryptocurrencies and monitor it.
On the other side, AmBank’s infrastructure lets users monitor their transactions and customize reconciliation facilitating for uninterrupted smooth operations of the Luno exchange. Luno customers have the option to top up and withdraw funds from their Luno wallet at any time and from anywhere using either mode online banking or the Luno mobile app.
Funds of Luno customers are safely kept in an AmBank Trust Account, as required by the regulations set by the Securities Commission (SC). In addition to this, the bank provides a fund management solution that permits Luno customers quick and easy access for trading on the exchange.
Luno is one of the leading cryptocurrency exchanges in the region with an end-to-end platform that caters to all types of customers.
David Low, Luno general manager for Southeast Asia, expressed his happiness to lead a partnership that will allow Malaysia to tread a new futuristic financial path. He said, “This partnership will benefit many Malaysians looking to embrace new forms of financial transactions or diversifying their investment portfolios. Luno will continue to strengthen its processes and controls to ensure Malaysians navigate the cryptocurrency ecosystem in a safe and reliable way, complying to all regulatory requirements,”
The CEO of AmBank Group, Datuk Sulaiman Mohd Tahir, termed this partnership as a significant development for AmBank in becoming the first traditional bank to offer its services to regulated cryptocurrency exchange. He said, “This highlights our progressive journey in the digital and financial technology revolution to showcase our customised services and solutions as we continue to work with customers like Luno.”