Touch ‘n Go gets exclusive e-wallet deal

Touch 'n Go Sdn Bhd Syahrunizam Samsuddin (2nd left) with Ant Financial Services Group International Investment Head Kenny Man (left) CIMB Group Chief Executive Officer Tengku Datuk Zafrul Aziz (centre), Ant Financial Group Services Group Chief Executive Officer Eric Jing (3rd right) Alipay South East Asia General Manager Dayong Zhang (2nd right) and CIMB Group Asset Management & Investments Chief Executive Officer Effendy Shahul Hamid (right) at the Signing of Joint Venture Agreement between Touch 'n Go Sdn Bhd and Ant Financial Services Group in Kuala Lumpur, yesterday. - MUHAMAD SHAHRIL ROSLI/The Star

KUALA LUMPUR: Touch ‘n Go Sdn Bhd’s (TNG) tie-up with Alibaba’s Ant Financial Services Group to build an e-wallet for the Malaysian market is an exclusive deal, says Effendy Shahul Hamid of CIMB Investment Bank Bhd.

“While the digital platform that we will build will be open to integration with all other financial institutions here, the partnership with Ant Financial to build a specific e-wallet component for Malaysia is exclusive to TNG,” said Effendy, also the chief executive officer of group asset management and investments of CIMB Group Holdings Bhd, the parent of TNG, after the inking of an equity joint-venture (JV) agreement between TNG and Ant Financial yesterday.