Announces the launch of GO+, a financially inclusive investment product,
available exclusively on the Touch ‘n Go eWallet
KUALA LUMPUR, 29 MARCH 2021 – Touch ‘n Go (“TNG”) Group today announced the launch of GO+, a financially inclusive investment product that allows Touch ‘n Go eWallet users and all Malaysians to gain access to low risk money market investments for as low as RM10.
GO+ enables an easy and convenient method for Touch ‘n Go eWallet users to earn returns on their GO+ balance. The returns will be credited daily. In addition to this, GO+ will also carry a ‘cash-out’ feature that will allow movement of funds seamlessly between the user’s eWallet and designated bank account. In order to add greater usability, GO+ balances can also be used for all eWallet payments use cases.
“The launch of GO+ is the first step as we move into the area of digital financial services. It was designed to address core customer pain points, promote financial inclusion and emphasise the use of data and technology to deliver higher value products to our users. We’re extremely pleased to have been able to bring this novel product to the market, and at the same time continue our evolution and journey into financial services,” said Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group.
“New norms in light of Covid-19 have seen a boost to everything digital, and we’re fortunate to have been able to be agile and pivot to bring GO+ to the market ahead of time. Our thanks go out to the regulators, specifically Bank Negara Malaysia and the Securities Commission of Malaysia for their efforts in facilitating this innovative product offer,” added Effendy.
The GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal Asset Management (“Principal”), a leading ASEAN asset management company. The product co-creation collaboration essentially combines Touch ‘n Go eWallet’s expertise in technology and ecosystems and Principal’s core expertise in investment strategy and fund management.
“I have always believed that the relationship between traditional financial services providers and Fintech’s will be one of increased collaboration, rather than just pure competition; and this is an example of that. The winners at the end of the day will be consumers, who will now have simpler access to higher value offerings,” said Effendy.
Touch ‘n Go eWallet is the first eWallet provider to obtain approval to operate as a Recognised Market Operator by the Securities Commission of Malaysia. The approval enables the company to directly distribute capital market products, including money market unit trust funds, through the Touch ‘n Go eWallet platform, without having to be directed to a third-party application.