Affin Bank, a major financial institution in Malaysia with 115 branches and 6.000 employees, has partnered with Cross Light Capital to introduce a new crypto fund.
This fund is Malaysia’s first actively managed fund focused on gaining exposure to Bitcoin and Ethereum ETFs and ETPs, as well as crypto-stocks like COIN.
The gateway to the crypto market
Calvin Goon Cheng Yu, head of wealth management at Affin Bank Bhd, shared with local media that by providing access to Cross Light Capital’s digital asset fund, clients can diversify their portfolios and explore the potential of the digital economy.
The launch of this crypto fund by a traditional bank marks a big step forward for the crypto industry, signaling its growing influence in the financial sector.
When a traditional bank starts offering crypto-related products or even a cryptocurrency custody service for its clients, it signals that the crypto industry has made another big advance.
Bitcoin is often seen as a major disruptor for banks, with the idea that individuals can “be their own bank.”
Traditional financial companies face a tough choice, adapt and merge with the crypto industry, or risk becoming obsolete, as many experts warn.
Exclusive offer
Affin Bank will offer the Cross Light Capital Performa Digital Asset Fund through Affin Invikta, a special suite of banking solutions for the best customers.
While currently limited to sophisticated investors, the minimum investment is just $1,000, making crypto exposure more accessible.
Initially, the bank might face criticism for not offering this opportunity to all retail customers, but it is expected that over time, these restrictions will ease, allowing broader access to the fund.
Religious laws
Affin Bank is an Islamic bank, and while many jurisdictions consider bitcoin to be sharia compliant, the debate continues in some regions, so the situation is not crystal clear yet.
This move by Affin Bank could influence the ongoing debate in favor of crypto, particularly in Malaysia, one of the fastest-growing economies in the world, with a GDP surpassing $400 billion and an annual growth rate of around 5%.
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