TnG e-wallet can soon sell unit trusts

KUALA LUMPUR, 13 Jan 2021:

Touch ‘n Go (TNG) Group today announced that its subsidiary, TNG Digital Sdn Bhd, has been granted conditional approval to operate as a recognised market operator (RMO) by the Securities Commission Malaysia (SC).

TNG said in a statement the conditional approval will enable the company to directly distribute capital market products – including money market unit trust funds – through the TNG eWallet platform.

TNG Group chief executive officer Effendy Shahul Hamid said the RMO status will allow the company to bring a string of innovative offerings to its users.

“Aimed at disrupting the status quo, we will be launching a financially inclusive investment product in the first quarter of the year, allowing our users to access basic investment services for as low as RM10.”

“The offering will add significant value to our large payments and transportation user base and continue our evolution into financial services.”

TNG is collaborating with Principal Asset Management, a fund management company, in a partnership that combines platform development, technology and data expertise, investment strategy and fund management.

– Bernama