KUALA LUMPUR: Bursa Malaysia Bhd
, TNG Digital Sdn Bhd (TNGD) and Affin Hwang Investment Bank Bhd have signed a memorandum of collaboration (MoC) to enable investors to easily participate in the stock market through the TNGD digital platform.
Bursa Malaysia said in a statement that retail investors can access a wider array of investment products listed on the bourse via the Touch ‘n Go eWallet’s GOinvest feature through this collaboration.
“The initiative is part of the exchange’s efforts to democratise equity investments and promote financial inclusion among Malaysians as well as to encourage greater engagement from retail investors,” it said.
Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift said active retail participation would benefit individual investors in terms of wealth generation and enhance market liquidity and depth, thereby driving economic growth.
“As at end-September 2023, local retail participation in the equities market accounted for 27%, equivalent to RM545.3mil or more than a quarter of the overall average daily trading value.
“With TNGD’s 16 million verified eKYC Touch ‘n Go e-wallet users and Affin Hwang’s share trading facilities and capability, we are poised to boost retail penetration in the stock market significantly,” he said at the signing ceremony.
The MoC was signed between Muhamad Umar, TNGD chief executive officer Alan Ni and Affin Hwang chief executive officer Nurjesmi Mohd Nashir, witnessed by Bursa Malaysia chairman Tan Sri Abdul Wahid Omar and Affin Bank Bhd president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali.
Muhamad Umar noted that the investment feature is expected to be available on the TNGD platform by the first quarter of 2024, with targets to achieve 100,000 central depository system accounts opened within the first year of the launch.
In the meantime, Ni noted that the collaboration aligned with TNGD’s vision of breaking financial barriers and making financial services, including investment, accessible to all.
“Together, we can continue to empower Malaysians to make informed financial decisions while enabling them to enjoy a hassle-free and secure share trading experience,” he said.
Meanwhile, Affin Hwang, as the broker partner in this collaboration, will assist investors by offering greater market access, comprehensive research resources, real-time market data and responsive customer support. — Bernama
