AIA Malaysia taking up minority stake in TNG Digital

Group CEO of Touch ‘n Go Group, Effendy Shahul Hamid and Ben Ng, CEO AIA Malaysia.

KUALA LUMPUR: AIA Malaysia is taking up a minority equity investment in TNG Digital Sdn Bhd, which owns Touch ‘n Go eWallet under a long-term strategic partnership.

In a joint statement on Monday, they said AIA will provide innovative and personalised digital insurance solutions to meet the protection needs of over 16 million Touch ‘n Go eWallet customers nationwide.

They said this move reinforced the insurer’s commitment to digital innovation and the Malaysian market via TNG Digital, Malaysia’s largest eWallet company.

“Through the powerful and highly efficient digital insurance technology that it will bring to the partnership, AIA will offer Touch ‘n Go eWallet customers a seamless, convenient and frictionless experience, making it easy to buy, claim and renew policies,” it said.

AIA CEO Ben Ng said: “Today’s announcement marks the continuation of our digital transformation journey and ambition to reach new customer segments using online platforms.

“More importantly, it reinforces our commitment to bringing new and innovative products to market in this increasingly digital world.”

Ng said the pandemic saw the rising need for insurance and AIA “must constantly look to expand and give Malaysian consumers greater choices, enabling them to obtain the right coverage they need across different stages of their lives, in any way that they prefer, and at the right time”.

The collaboration allows AIA to offer Touch ‘n Go eWallet customers insurance solutions that they can purchase both directly online as well as through consultative selling provided by AIA’s existing distribution channels – including its 19,000-strong agency force – who are capable of advising on more comprehensive insurance and takaful coverage.

Group CEO of Touch ‘n Go Group, Effendy Shahul Hamid, said AIA sees building customer value propositions in the same way as the company by using technology and innovation effectively, to bring higher value, bespoke offerings to the end user.

“Insurance is a key pillar for us as we continue to expand into financial services, and we look forward to collaborating with AIA to disrupt the segment and bring better and more relevant products and services to Touch ‘n Go eWallet users,” Effendy added.