,TNG Group chief executive officer Effendy Shahul Hamid (pic) said TNG Digital Sdn Bhd will continue to focus on enhancing payment use cases and to bring forth more digital financial services products for everyone.
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KUALA LUMPUR: Touch ‘n Go Sdn Bhd (TNG Group) has kicked the e-wallet sector up a notch with the rollout of GO+, a financially inclusive investment product.
The product allows Touch ‘n Go eWallet users and all Malaysians to gain access to low-risk money market investments from as low as RM10.
Being the first e-wallet in Malaysia to launch an investment product, its foray into the mainstream financial services sector marks the first of many to come as the group is working on rolling out more financial services and products over the next 12 to 24 months.
TNG Group chief executive officer Effendy Shahul Hamid (pic) said TNG Digital Sdn Bhd will continue to focus on enhancing payment use cases and to bring forth more digital financial services products for everyone.
“We will continue to build on today’s money market fund product. We have things lined up, they are focused more on investments.
“We will also be intermediating banking services and certainly money transfer services, ” he told the media during the virtual launch of GO+ yesterday.
TNG Digital, the joint venture company between CIMB Group Holdings Bhd’s wholly-owned TNG Group and China’s Ant Group, is the company behind the Touch ‘n Go eWallet.
“If you look at financial services and the disruptive nature of financial services, one has to identify sectors in which digital financial services will win over traditional financial services.
“We’ve identified three areas. One is in asset management and investment given the high ability to disrupt that space, meaning to simplify the process for everyone.
“We’ve also identified insurance and personal lending. We feel that we can bring in the most value in these three areas.
“And today, we’re already working with different partners to make sure that we’re able to bring you more GO+ variants and certainly more GO+ verticals to the table, ” said Effendy, adding that the group is targeting one million GO+ accounts by the end of the year.
The GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal Asset Management Bhd.
The product co-creation collaboration essentially combines Touch ‘n Go eWallet’s expertise in technology and ecosystems and Principal’s core expertise in investment strategy and fund management.
Principal Asset Management CEO Munirah Khairuddin said the Principal e-Cash Fund was developed specifically for GO+, focusing on convenience and yield enhancement.