Touch ‘n Go (TNG) has obtained the approval from Bank Negara Malaysia to operate and offer mobile e-wallet services to Malaysians. The services will be offered via TNG Digital and is a joint venture company with the Ant Financial Group.
In a statement, CIMB Group Holdings, which owns 52% in TNG, said, the new mobile e-wallet will facilitate payments in a cashless and cardless environment by “leveraging on Ant Financial’s Alipay technology platform.” Alipay currently supports over 450 million users in China alone via its Alipay payments system.
The new mobile e-wallet aims to enable Malaysians to experience a secure, convenient and seamless payment ecosystem by using Quick Response (QR) codes to perform online shopping, bill payment, retail payments, as well as P2P fund transfers.
“In support of the government’s aspiration to accelerate the creation of a robust and secure digital payments ecosystem, we are excited to have obtained approval for this new e-wallet through our joint venture with Alipay. Today, Touch ‘n Go are already the number one player in micropayments and we see this offering as an add-on as we strengthen our value proposition, moving the country and our customers further into the realm of digital payments,” Syahrunizam Samsudin, chief executive officer of Touch ‘n Go, said.
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