Eligible TNG eWallet users can now apply for a GXBank loan of up to RM150,000 without opening a separate bank account.
The new option comes through FlexiCredit, which TNG Digital has added to its CashLoan service.
Unlike a conventional loan, FlexiCredit operates as a revolving credit line that approved users can draw from when needed.
Users do not need to reapply each time they draw from the facility. Their available credit is replenished as they make repayments.
FlexiCredit offers repayment periods of six to 60 months.
Flat interest rates start from 3.78% per annum, equivalent to an effective interest rate of 6.45% per annum.
CashLoan forms part of GOfinance, which also provides access to investment, insurance, credit and remittance services through the app.
Kaushik Chowdhury, Chief Executive Officer of GXBank, said,
“FlexiCredit is designed for everyday Malaysians. By integrating FlexiCredit directly into TNG eWallet, we are not just changing how Malaysians get credit, but fundamentally changing who gets access to credit. We require no lengthy paperwork, provide approval within minutes, and specifically for TNG eWallet users, require no separate bank account.
Currently, Malaysians are using the FlexiCredit line for emergencies, cash flow management and large purchases – so we hope by dismantling the traditional hurdles more Malaysians can access safe and regulated financing, to build a stronger financial future.”
Desmond Teoh, Chief Financial Services Officer of TNG Digital, said,
“TNG eWallet started as a way to pay. Today it is where millions of Malaysians manage their everyday financial lives, and that carries a responsibility to go beyond payments.
Our open platform strategy is about bringing the best financial solutions, from trusted partners like GXBank, within easy reach of everyone. Real financial inclusion happens when institutions come together to meet Malaysians where they already are.”
Watch TNG Digital CEO Alan Ni explain why more digital banks could partner with TNG eWallet to reach its customer base.
@fintechnewsnetwork The Real Cost of Growing a Digital Bank Building the kind of reach and trust TNG has took spending over RM1 billion over the years. That’s not something a new digital bank can build overnight, which is exactly why so many of them are choosing to partner instead of compete. Watch the full video. Link in our bio. @mytouchngo @touchngoewallet ♬ original sound – Fintech News Network
Featured image: Edited by Fintech News Malaysia, based on image by Auyob Masih via Magnific
