Employers can now deposit salaries directly into their unbanked workers’ TNG eWallet accounts, providing secure and convenient access to their earnings.
This development comes as TNG Digital, the operator of TNG eWallet, received approval from the Department of Labour Peninsular Malaysia (JTKSM) to serve as an alternative salary payment platform for these unbanked workers.
This includes blue-collar migrant workers who often face significant challenges in accessing traditional banking services.
Each TNG eWallet account comes with a DuitNow account number, allowing users to transfer money to and from any bank in Malaysia.
This initiative aims to enhance the adoption of digital financial services, particularly among underserved populations, following the pandemic.
Migrant workers often encounter high remittance fees and difficulties with conventional banking.
The TNG eWallet addresses these issues by offering a secure place to store money, the ability to withdraw cash using the Touch ‘n Go eWallet Visa Card at ATMs, and the option to send money home to over 50 countries through its remittance feature.
TNG Digital’s solution not only improves financial accessibility for the unbanked but also supports small businesses by ensuring their employees have reliable access to their salaries.
Businesses can find out more about using the TNG eWallet as an alternative salary platform for their employees here.
Alan Ni, Chief Executive Officer of TNG Digital, shared,
“By leveraging our technology and comprehensive ecosystem, we aim to bridge the financial gap among migrant workers, who make up 20% of the Malaysian workforce, with nearly 45% unable to open a bank account due to low incomes and lack of required documentation.
Our goal is to drive financial inclusion for all through affordable and accessible financial products and services on our platform. Additionally, integrating these communities into the digital-financial ecosystem will undoubtedly boost economic spending and overall business productivity, directly contributing to Malaysia’s growth and sustained development.”
Besides TNG Digital, the other five approved issuers of designated payment instruments for wage payments include Merchantrade, Bayo Pay, FINEXUS Cards, MobilityOne, TNG Digital, and Bigpay Malaysia, effective 1 August 2024.
