TNG GROUP, in partnership with CIMB Bank Bhd, has launched GOpinjam, an inclusive digital personal loan proposition available through Touch ‘n Go e-Wallet.
This marks TNG e-Wallet’s first digital lending solutions offering, having previously already launched financial services propositions in investments and insurance.
GOpinjam employs distinct product design and delivery mechanisms to provide the best-in-class user journey and experience.
Other than that, GOpinjam can be accessed through the TNG e-Wallet and is completely electronic, offering personal loans ranging from RM100 to RM10,000. There are no hidden fees or early settlement charges on these loans and the repayment time can range from one week to one year.
Potential borrowers will need a minimum monthly income of only RM800 to obtain access to GOpinjam.
Moreover, the credit underwriting process is also differentiated, built using the best of both data sets that of the credit bureau and also e-Wallet spend data, resulting in greater accessibility for the under-banked segment.
First-time users are required to submit either a one-month payslip or their latest EPF statement along with basic information for the loan application.
The commitment is to inform the user on whether they are successful or not within the next business day upon full and accurate submission of the income documentation.
For successful candidates, the funds are then disbursed immediately into either their TNG e-Wallet or CIMB bank account.
Returning users will get straight-through approval and quick loan disbursement without the hassle of going through the submission process.
“This is a true market first. We researched the landscape thoroughly before building GOpinjam and I feel like we’ve come up with a proposition that delivers significant value to our users, while addressing the pain points of current personal lending propositions,” said TNG Group group CEO Effendy Shahul Hamid.
“We’re so pleased to have been able to put this together. We will take feedback post launch and continue to improve with the goal of making this the go-to product for this segment.
“The financial inclusion element was always at the forefront of our thinking and we expect GOpinjam to be available to those who otherwise would not have been able to access formal credit facilities.”
According to Effendy, they managed to get this done on the back of a “win-win” partnership mentality between TNG and CIMB Bank, leveraging each other’s strengths in credit underwriting and wealth of data to bring the most relevant personal credit solution to underserved segments.
Effendy further added that TNG’s GO+ micro-investment proposition which was launched in 2021 already has 2.25 million users. Simultaneously on the insurance side, TNG contributed to 31% of the Perlindungan Tenang voucher programme by the Government.
Meanwhile, CIMB Group group CEO Datuk Abdul Rahman Ahmad said, “CIMB is proud to support GOpinjam through our CIMB e-Zi tunai personal loan, a fully inclusive proposition targeted at underserved segments, anchoring on a pure-play e-Wallet-bank partnership.
“This development is also in line with our long-term strategy and intent for the TNG Group and to allow it to develop into one of Malaysia’s leading non-bank digital financial services providers.
“We believe GOpinjam also addresses the Government’s push towards a more cashless and inclusive society, an area that both CIMB Group and TNG Group fully support.”
GOpinjam is now available to TNG e-Wallet users who are Malaysian citizens above 21 years old. – April 1, 2022
