Touch ’n Go-ing for banks

A RECENT viral clip showing a key executive of a local lender stating that banks should pay more attention to Touch ‘n Go (TNG) e-wallets instead of digital banks, due to the sheer size of the former’s customer base, highlights a shift that has been unfolding in the banking system for some time.

At more than 24 million users, TNG’s customer base far surpasses that of most traditional lenders, let alone digital ones, suggesting that the banking pie could get smaller over time.