Is your money safe with TNG eWallet? Here’s what you need to know

As digital financial services continue to grow, keeping your money safe is more important than ever. Over the years, misinformation about digital financial security—particularly regarding Perbadanan Insurans Deposit Malaysia (PIDM)—has been used to suggest that e-wallets are less secure than traditional financial institutions. This misconception has been fuelled by some financial institutions, taking advantage of public's lack of understanding for their benefit.

Here’s a clear, fact-based overview of how your funds are protected with TNG eWallet and why PIDM coverage isn’t relevant to e-wallets.

TNG eWallet: A fully regulated institution

Firstly, TNG Digital is fully regulated by Bank Negara Malaysia (BNM) and the Securities Commission (SC).

This means we’ve been approved to offer secure eWallet services and facilitate capital market product services through our mobile app TNG eWallet, enabling you to make retail payments, pay bills, transfer money, handle transportation payments, invest in money market funds such as GO+ and many more. (Approved e-money Issuer under Section 11 of the FSA 2013 and Recognized Market Operator ("RMO") (e-services Platform) under Section 34 of the Capital Markets and Services Act 2007).

TNG Digital is also facilitating digital payment acceptance at stores through merchant acquiring services, either directly or through trusted third-party partners. (Registered Merchant Acquirer under section 17 of the FSA 2013).

This comprehensive regulatory framework means we adhere to the same high standards of consumer protection, financial integrity, robust security systems and ongoing supervision and enforcement as banks in Malaysia.

Understanding PIDM and what it protects

PIDM is a government-backed scheme that protects depositors if a bank goes bankrupt. The coverage extends only to customers of PIDM-member banks.

PIDM covers:

- Money saved in savings and current accounts

- Fixed deposits

However, PIDM does not cover:

- Money lost due to fraud or scams

- Any investments even if through PIDM-member banks

While PIDM protection is important for traditional banking, it is not applicable to e-wallets like TNG eWallet. That’s because we don’t hold your money directly. Instead, your funds are kept in trustee accounts managed by reputable banks like CIMB and OCBC, both of which are PIDM members. Unlike banks, we can only use your money kept in our trustee accounts for regulated purposes such as settling any merchant payments you have made. Hence, your money is safe in our trustee accounts no matter what happens to TNG Digital.

Furthermore, any investments made through TNG eWallet sits with our reputable partners like Principal Asset Management and Amanah Saham Nasional Berhad (ASNB). TNG eWallet is just a platform to make your investment journey seamless and hassle-free.

Why trust TNG eWallet?

TNG eWallet is backed by well-established major shareholders, including Touch ‘n Go Sdn Bhd (wholly owned by CIMB, one of the biggest banks in Malaysia), Ant Group, Lazada, and AIA. This strong financial backing reinforces our stability and reliability.

While PIDM covers institutional bankruptcy, it doesn’t protect against fraud or investment loss. That’s where TNG eWallet goes further—we offer robust protection against unauthorised transactions through no faults of your own with our Money-Back Guarantee policy. With this service, if we are unable to prove that the transaction is authorised, we’ll return the money to you within 30 days.

You’re in capable hands

At TNG eWallet, we’re dedicated to providing a secure and seamless digital experience. Our financial solutions are designed to meet your evolving needs and transactions are safeguarded with the highest standards of security.

Don’t be misled by the partial truths about PIDM coverage that further encourage the misconception and confusion. Our strong partnerships, comprehensive protections, and robust regulatory framework mean you’re in good hands with TNG eWallet.

Explore our services and see how we can support your financial journey with confidence.