Touch ‘n Go eWallet Enters the Mainstream Financial Services Sector
Announces the launch of GO+, a financially inclusive investment product available exclusively on the Touch ‘n Go eWallet
KUALA LUMPUR, 29 MARCH 2021 – Touch ‘n Go (“TNG”) Group today announced the launch of GO+, a financially inclusive investment product that allows Touch ‘n Go eWallet users and all Malaysians to gain access to low risk money market investments for as low as RM10.
GO+ enables an easy and convenient method for Touch ‘n Go eWallet users to earn returns on their GO+ balance. The returns will be credited daily. In addition to this, GO+ will also carry a ‘cash-out’ feature that will allow movement of funds seamlessly between the user’s eWallet and designated bank account. In order to add greater usability, GO+ balances can also be used for all eWallet payments use cases.
“The launch of GO+ is the first step as we move into the area of digital financial services. It was designed to address core customer pain points, promote financial inclusion and emphasise the use of data and technology to deliver higher value products to our users. We’re extremely pleased to have been able to bring this novel product to the market, and at the same time continue our evolution and journey into financial services,” said Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group.
“New norms in light of Covid-19 have seen a boost to everything digital, and we’re fortunate to have been able to be agile and pivot to bring GO+ to the market ahead of time. Our thanks go out to the regulators, specifically Bank Negara Malaysia and the Securities Commission of Malaysia for their efforts in facilitating this innovative product offer,” added Effendy.
The GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal Asset Management (“Principal”), a leading ASEAN asset management company. The product co-creation collaboration essentially combines Touch ‘n Go eWallet’s expertise in technology and ecosystems and Principal’s core expertise in investment strategy and fund management.
“I have always believed that the relationship between traditional financial services providers and Fintech’s will be one of increased collaboration, rather than just pure competition; and this is an example of that. The winners at the end of the day will be consumers, who will now have simpler access to higher value offerings,” said Effendy.
Touch ‘n Go eWallet is the first eWallet provider to obtain approval to operate as a Recognised Market Operator by the Securities Commission of Malaysia. The approval enables the company to directly distribute capital market products, including money market unit trust funds, through the Touch ‘n Go eWallet platform, without having to be directed to a third-party application.
Sharing her sentiments on GO+, Munirah Khairuddin, CEO of Principal Asset Management said, “At Principal, everything we do is anchored around our purpose of fostering a world where financial security is accessible to all Malaysians. We are committed to helping Malaysians achieve financial security in any given economic climate. All Malaysians irrespective of their financial background can now start to invest and inculcate the habit of investing, saving, whilst spending.
“Our new Principal e-Cash Fund was developed specifically for GO+ and focusses on convenience and yield enhancement. With as little as RM10, customers will be able to invest and earn daily returns in their eWallet investment account. This is just the beginning of our digital offering, and we look forward to developing many more,” she added.
GO+ is available effective 29 March 2021 to Touch ‘n Go eWallet users who are Malaysian citizens above 18 years old. Look out for the GO+ logo on the eWallet app, follow a few simple steps, do an initial minimum RM10 cash-in and start earning returns on your GO+ balance.
For more information and updates about GO+, visit www.tngdigital.com.my
About Touch ‘n Go Group
The Touch ‘n Go Group (“TNG Group”) is Malaysia’s leading consumer facing financial-technology enterprise with a key focus in the country’s transportation ecosystems and platform-based payments infrastructure. It comprises the service offerings of Touch ‘n Go Sdn Bhd (“TNG”), a wholly owned subsidiary of CIMB Group and TNG Digital Sdn Bhd (“TNGD”), a joint venture between TNG and Ant Group, parent company of Alipay, China’s largest digital payments platform. The TNG Group of companies serve Malaysians who use its card, RFID and eWallet offerings to fulfil a host of daily transactions.
About Touch ‘n Go Sdn Bhd
Touch ‘n Go Sdn Bhd (“TNG”) was formed in 1996 as Malaysia’s first and only cashless payments solutions focused on providing electronic toll collection services for highways across the country. Over the years, TNG had expanded its services into parking, transit and bus networks, providing solutions for retail users, corporates and the Government. With 24 million cards issued, and 1.3 million RFID tags, TNG provides over 10 million users with a complete set of cashless mobility solutions. TNG is a wholly owned subsidiary of CIMB Group. For more information, please visit www.touchngo.com.my
About TNG Digital Sdn Bhd
TNG Digital Sdn Bhd (“TNGD”) founded by Touch ‘n Go Sdn Bhd (‘TNG”) and Ant Group (“Ant”), parent company of Alipay, China’s largest digital payments platform. Established in 2017, TNGD is the owner and operator of Touch ‘n Go eWallet, Malaysia’s number one eWallet company, with over 15 million registered users. Combining TNG’s strong domestic brand, dominance in toll, transit and parking use cases and nationwide user base, together with Ant’s deep domain expertise and leading the development of open platforms for technology-driven inclusive financial services, the Touch ‘n Go eWallet provides financial services and payments services to both retail users and small to mid-sized businesses, across physical and online infrastructure. For more information, please visit www.tngdigital.com.my
About Principal Asset Management Berhad
Principal Asset Management Berhad, is a joint venture between Principal Financial Group®, a member of the FORTUNE 500® and a Nasdaq-listed global financial services company and CIMB Group Holdings Berhad, one of Southeast Asia’s leading universal banking groups. Established on 13 June 1994, Principal Asset Management Berhad is headquartered in Malaysia and has a footprint across Indonesia, Thailand and Singapore. Across Southeast Asia, the company manages nearly RM 88.1 billion (as of 31 December 2019) in assets under management. Principal Asset Management offers a wide variety of solutions to help people and companies in building, protecting and advancing their financial well-being with unit trust, retirement schemes, digital solutions, discretionary mandates and asset management expertise.