TNG Digital Sdn Bhd’s Touch ‘n Go eWallet sets its mark in fintech with two wins in the Malaysia Technology Excellence Awards
It won in the Financial Services and Payments categories for Fintech.
TNG Digital Sdn Bhd has its eyes set on continuing in making a mark in the fintech industry in Malaysia after winning two awards in Malaysia Technology Excellence Awards.
The annual awards programme, hosted by Singapore Business Review, recognises exceptional companies who are riding the disruption wave and are leading the technological revolution and digital journeys of their respective industries to boost Malaysia’s fast-growing economy.
The first it received is the Fintech - Financial Services award for its money market fund feature offered in its Touch ‘n Go eWallet, GO+.
GO+ is a financially inclusive investment product that allows Touch ‘n Go eWallet users to gain access to low-risk money market investments. Users are also able to earn daily returns with their eWallet balance.
Designed to address core customer pain points, it promotes financial inclusion and emphasises the use of data, world-class user interface and technology in delivering high-value offerings to its users.
It is powered by the Principal e-Cash fund, a money market fund managed by Principal Asset Management. The latter is a joint venture between Principal Financial Group and CIMB Group.
The offering of GO+ by Touch ‘n Go eWallet is considered the first of its kind in digital micro-investing that serves the Malaysian market, covering all income levels.
According to the company, the main highlight of GO+ is its flexibility, liquidity, and convenience.
It has multiple benefits which include affordable initial investment amounts as low as RM10, easy and fast investment account opening, seamless reload and cash out. It is also known to be a low-risk investment product and is fully fungible. The GO+ balance can be spent just like the eWallet balance.
In granting the award, the judges considered some of its many achievements. It is the first eWallet to be hailed as a Recognised Market Operator by the Securities Commission of Malaysia and is the first Shariah-compliant eWallet product.
GO+ which was launched in March 2021 has 2.25 million users to date.
The second award received by the company is for Fintech – Payments. The judging panel likewise considered many factors in granting this award.
Touch ‘n Go eWallet is the largest payment eWallet in Malaysia and is recognised as the leading consumer-centric eWallet and fintech platform in Malaysia.
With its clear focus on payments and financial services, it is committed to transforming Malaysia into going cashless and bringing financial inclusion to all.
Since launching the joint venture between CIMB Group and Ant Financial in 2018, TNG Digital Sdn Bhd experienced unparalleled growth over a short period of time.
It has since been known as the first and only eWallet provider in Malaysia to enable digital payments for toll through Touch ‘n Go RFID and Touch ‘n Go Cards, also known as PayDirect. It provided a stable base for conversion and increased adoption rates.
As an added feature, users can also enable the credit card auto-reloading function on Touch ‘n Go eWallet. The solution addressed the reload inconvenience pain points of users.
In its continuing commitment to grow, Touch ‘n Go eWallet now has more than a million touchpoints.
It can be used extensively when purchasing items on the App Store and Google Play Store, in paying for street parking, availing of food delivery services, making bill payments, purchasing tickets, shopping online, and paying in food chains and stores including street stalls and more. Users can also find other brands’ apps on the Touch ‘n Go eWallet app to ensure service optimisation and extended convenience in purchases
It now has more than 17 million users on the platform and over 1 million merchants including those with DuitNow QR acceptance.
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