Touch ‘n Go continues innovating
KUALA LUMPUR: Fintech company Touch ‘n Go Digital Sdn Bhd (TNGD) will introduce more financial services in the next four months to cater to a wider audience.

These include a revolving credit-line product, eliminating the need for reloads, and a new lending product with lower interest rates and greater flexibility.

New products under GOinvest, such as gold and share trading, will provide users with diverse investment opportunities, TNGD said.

TNGD chief executive officer Alan Ni said, “We want to make reloads a thing of the past.”

TNGD aims to reduce the frequency of users reloading money into the eWallet system by providing users a revolving-credit facility. According to Ni, there will be no interest charged on the credit line.

“We do not want people to reload so frequently as it is a cost to us and a hassle for them,” he added.

According to Ni, users of TNG’s eWallet reload it three to four times a month on average.

TNGD’s eWallet aims to become the preferred payment partner of merchants by establishing itself as a one-stop solution provider for them.

TNGD added it hoped the introduction of a new merchant wallet and enhanced features will drive foot traffic for its merchants.

“The platform will also roll out a range of innovative products tailored for merchants, including but not limited to soundbox, merchant money packet, store finder and reviews and a suite of financial services products for merchants”.

Ni said the company has enjoyed significant growth and is the market leader in Malaysia. “The growth in the last five years has been nothing short of tremendous,” he said.

TNGD recorded significant growth in total payment value (TPV) of RM25mil in 2018 to RM60bil in 2023.

On the security front, TNGD said it is steadfast in ensuring customer security and protection against fraud and scams on its digital platform, Touch ‘N Go eWallet.

The eWallet provider has introduced a comprehensive electronic Know-Your-Customer (eKYC) verification process, becoming the first e-wallet in Malaysia to do so, with the goal of improving user security and authentication.

TNGD made it clear that either users get verified or risk losing all its services on the platform by the third quarter of this year, adding that it stands firm on its measures to combat financial fraud.

Ni said one of the group’s biggest investment was in technology, specifically towards the security of the eWallet platform.

TNGD recorded a 51% reduction in fraud rate after implementing five anti-fraud measures mandated by Bank Negara for all banks in Malaysia.

This proactive approach resulted in a dramatic decline in fraud rates, enhancing user trust and confidence.

“Despite being an eWallet platform, we did not need to comply as it only applies to banks but we opted to participate for the benefit of our users” Ni said.

TNGD volunteered to become the first financial institution in Malaysia to implement all the rules by February 2023, four months ahead of all banks, he added.

“We are the first financial institution to implement all the five rules because we feel that we are holding people’s money. Security and safety is our number one goal,” Ni said.

Currently, Touch ‘N Go eWallet possesses 21 million verified users under eKYC requirements, which covers two-thirds of the Malaysian population.

According to Ni,“These are not random users. This means people upload their IC and got verified on the digital platform.”

Despite anticipating resistance from users, TNGD plans to implement 100% eKYC for all incoming users by the third quarter of this year.

Its aim is to further protect users by enforcing them to get verified through eKYC, the company stated.
Corporate News,TNGDigital,NewFinancialServices,RevolvingCreditLine,GOinvest,GoldTrading,ShareTrading,CashlessPayments
Fintech company Touch ‘n Go Digital Sdn Bhd (TNGD) will introduce more financial services in the next four months to cater to a wider audience.