TNG Digital gains recognised market operator status


TNG group chief executive officer Effendy Shahul Hamid said the recognised market operator status would allow the company to offer innovative digital offerings to its customers.

KUALA LUMPUR: TNG Digital Sdn Bhd (TNG), a subsidiary of Touch ‘n Go, can now operate as a recognised market operator, which allows the company to directly distribute capital market products through its e-wallet platform without being directed to third-party applications.

This comes after TNG received a conditional approval from the Securities Commission (SC), making it the first e-wallet to obtain this approval.

TNG group chief executive officer Effendy Shahul Hamid said the recognised market operator status would allow the company to offer innovative digital offerings to its customers.

“This truly is a landmark development and an industry first. Our teams have been working tirelessly together with regulators and partners to get to this stage, ” he added.

Moving forward, Effendy noted that the company is expected to launch a financially inclusive investment product in the first quarter of this year, allowing its users to access basic investment services for as low as RM10.

“We feel that this offering will add significant value to our large payments and transportation user base and continue our evolution into financial services.

“We aim to make this an extremely seamless and frictionless offer to Touch ‘n Go e-wallet users. With the approvals behind us, we will now focus on ensuring the user-experience is best-in-class as we move towards a launch, ” he added.

Effendy said the anticipated e-financial solution is through the company’s partnership with Principal Asset Management, one of Malaysia’s largest fund company.

“This win-win partnership combines platform development, technology and data expertise of Touch ‘n Go e-wallet and Principal’s expertise in investment strategy and fund management.

“Using Touch ‘n Go e-wallet as a delivery platform also supports the nation’s digital and cashless agenda as well as support financial inclusion, ” TNG said.

The company is expected to announce more details of the e-financial solution soon.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Business News

Bank stocks fall on speculation over further OPR cut
Quick take: Kanger gains 3% on diversification into construction
Trading ideas: Top Glove, Kanger, Daya, Samaiden, MESB, Seacera
AmInvestment initiates 'buy' on Perak Transit on business model potential
Asia shares step back, await China economic update
UK vacancies for remote workers triple in a year
Japan PM's approval sinks further on pandemic response
Japanese manufacturers least pessimistic since July 2019 in Jan
Billionaire Richard Branson's Virgin Orbit reaches space with key mid-air rocket launch
Yellen to say US does not seek weaker dollar

Stories You'll Enjoy