Touch ‘n Go First E-Wallet to be Approved by SC to Offer Investment Productsby Fintech News Malaysia January 13, 2021
Touch ‘n Go (TNG) Group’s subsidiary TNG Digital Sdn Bhd (TNGD), has emerged as the first e-wallet to be granted a conditional approval to operate as a Recognised Market Operator (RMO) by the Securities Commission of Malaysia (SC).
TNG said that it aims to launch its “financially inclusive investment product in the first quarter of the year, allowing our users to access basic investment services for as low as RM10”.
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 proposition is made possible through TNG’s collaboration with Principal Asset Management (Principal), a Malaysian fund management company. This partnership combines platform development, technology and data expertise of Touch ‘n Go eWallet with Principal’s expertise in investment strategy and fund management.
This is in line with SC’s announcement in May last year that it will facilitate the online distribution of capital market products such as unit trusts, through e-wallet or e-payment service providers.
“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. The RMO status will allow us to bring a string of innovative digital offerings to our users.
said Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group.
“We feel that this offering will add significant value to our large payments and transportation user base and continue our evolution into financial services. We aim to make this an extremely seamless and 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,”
Featured image: Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group