Touch ‘n Go eWallet granted recognised market operator status by SC

TOUCH ‘n Go Sdn Bhd (TNG Group) was established in 1996 as Malaysia’s first and only cashless payments solutions focused on providing electronic toll collection services for highways across the country.

A wholly owned subsidiary of CIMB Group Holdings Bhd, TNG has over the years expanded its services into parking, transit and bus networks; providing solutions for retail users, corporates and the Government.

TNG provides over 10 million users with a complete set of cashless mobility solutions. And, its Touch ‘n Go eWallet platform is one of the e-wallet choices of Malaysians.

In its latest development, TNG Group today announced that its subsidiary, TNG Digital Sdn Bhd (TNGD), has been granted conditional approval to operate as a Recognised Market Operator (RMO) by the Securities Commission of Malaysia (SC).

The conditional approval by the SC will enable 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 third-party applications.

“This truly is a landmark development and an industry first. Our teams have been working tirelessly together with regulators and partners to get to this stage,” TNG group CEO Effendy Shahul Hamid pointed out.

“The RMO status will allow us to bring a string of innovative digital offerings to our users.”

Aimed at disrupting the status quo, the group will be launching a financially inclusive investment product in the first quarter of this year to allow its users to access basic investment services for as low as RM10.

Effendy Shahul Hamid

This innovative proposition is a collaboration between TNG Group and Principal Asset Management, one of Malaysia’s largest fund management company.

This win-win partnership combines platform development, technology and data expertise of Touch ‘n Go eWallet and Principal’s expertise in investment strategy and fund management.

Using Touch ‘n Go eWallet as a delivery platform supports both the nation’s digital and cashless agenda as well as financial inclusion.

TNG Group opined that this offering will add significant value to its large payments and transportation user base and continue its evolution into financial services.

“We aim to make this an extremely seamless and TNG frictionless offer to Touch ‘n Go eWallet users. With the approvals behind us, we will now focus on ensuring the user-experience is best-in-class as we move towards a launch,” added Effendy. – Jan 14, 2021

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