Touch ‘n Go Group (TNG) formally announced today the launch of GO+, a financially inclusive investment product for which it expects 1 million users in 2021.
GO+ allows TNG’s Malaysian e-wallet users above the age of 18 years old to gain access to low risk money market investments for as low as RM10.
The new offering enables TNG users to earn returns on their GO+ balance which 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 e-wallet and designated bank account.
In order to add greater usability, GO+ balances can also be used for all e-wallet payments use cases.
The GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal Asset Management, an ASEAN asset management company.
The product co-creation collaboration essentially combines TNG’s expertise in technology and ecosystems as well as Principal’s core expertise in investment strategy and fund management.
TNG was the first e-wallet provider to be granted a conditional approval to operate as a Recognised Market Operator by the Securities Commission of Malaysia, enabling the company to directly distribute capital market products.
TNG added that while their offerings are currently not Shariah-compliant, there are already plans in the pipeline to add such iterations in the future.
Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group said,
“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,”
Munirah Khairuddin, CEO of Principal Asset Management said,
“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,”
Featured image: Screengrab from Touch ‘n Go e-wallet’s YouTube channel