KUALA LUMPUR: Malaysia's largest integrated financial technology provider, TNG Digital Sdn Bhd, is implementing 100 per cent electronic Know-Your-Customer (eKYC) verification with mandatory eKYC verification set to be fully enforced by Dec 20, 2024.
"Non-eKYC users are limited to a low eWallet balance and can only access basic payment and toll features, including NFC card top-ups and RFID.
"For existing non-eKYC users, their access will be gradually restricted. These users will face increasing limitations until their TNG eWallet accounts are fully verified, and eventually, they will lose access to their eWallet entirely if not verified,” the company said in a statement.
According to TNG Digital, users can verify their accounts by tapping the ‘Not Verified’ option on the app's profile page. Malaysian users can use MyKad or MyTentera for eKYC, while Malaysian permanent residents and other nationalities can use their passport.
The initiative aims to strengthen user protection, unlock exclusive features, and underline TNG Digital’s commitment to regulatory compliance and risk management.
From an industry standpoint, TNG Digital highlighted that achieving 100 per cent eKYC verification across its user base enhances its ability to identify and eliminate mule accounts and fraudulent activities, thereby safeguarding the ecosystem's integrity.
Meanwhile, TNG Digital chief executive officer Alan Ni said the move is vital for improving platform security and mitigating account takeover risks.
"Security is our top priority at TNG Digital. Implementing full eKYC is a bold but necessary step, making us the first eWallet to take this measure. Protecting our users is non-negotiable,” he said.
Ni also noted that TNG eWallet has maintained a fraud rate 90 per cent lower than the market average for card payments, attributing the success to robust security measures and the company’s dedication to user protection. - Bernama
