Touch ’n Go (TNG) today announced that its subsidiary, TNG Digital Sdn Bhd (TNGD), is the first e-wallet in Malaysia that has been granted conditional approval to operate as a Recognised Market Operator (RMO) by the Securities Commission of Malaysia (SC).
This recognition will enable TNGD to directly distribute capital market products, including money market unit trust funds, through the TNG eWallet platform, whereas prior to the approval, the process was directed to third-party applications.
“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,” said Group CEO of TNG Group, Effendy Shahul Hamid.
The RMO status will allow TNDG to offer its users innovative digital offerings and according to a release by the company, it will be launching a financially inclusive investment product in the first quarter of the year, which will give its users access to 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,” Efficiency added. “We aim to make this an extremely seamless and frictionless offer to Touch ‘n Go eWallet users so with the approvals behind us, we will now focus on ensuring the user-experience is best-in-class as we move towards a launch.”