TNG eWallet introduces Principal® Private Retirement Schemes (PRS) to help their users build retirement savings

TNG Digital Sdn. Bhd. ('TNG Digital'), Malaysia's largest integrated fintech player, in collaboration with Principal Asset Management Berhad (“Principal”), introduced the Principal® PRS on TNG eWallet, as part of their continuous financial inclusion efforts to help more Malaysians build sufficient retirement savings with ease and security. 

The Principal® PRS Target Date Funds (“Funds”) empowers TNG users to complement their mandatory retirement savings. These Funds are managed toward a particular target date year based on when the investor is expected to start withdrawing money from the portfolio to support their retirement needs.

With a minimum contribution of RM100 and investment options tailored to individual retirement ages and goals, users can choose either a Shariah-compliant or conventional fund, which progressively shift from aggressive to conservative investments as users near retirement, aligning with their changing risk tolerance. Additionally, users can enjoy up to RM3,000* in tax relief, adding further value to their retirement commitment.

Alan Ni, Chief Executive Officer of TNG Digital, emphasised, “Our goal is to make financial security accessible and achievable for every Malaysian. By adding the Principal® PRS to GOfinance, we are offering over 22 million TNG eWallet users an easy, reliable way to actively plan for a comfortable retirement. Together with Principal®, our long-time partner, we’re providing a robust and safe investment path that not only complements current savings but strengthens users’ long-term financial resilience.”

Munirah Khairuddin, Chief Executive Officer of Malaysia and Global Shariah, Principal said, “We launched our Target Date Funds (TDF) in 2022, and we are very excited to bring this into the TNG eWallet ecosystem. This innovative PRS solution is the first-of-its-kind in Malaysia and leverages on our global expertise in asset allocation.  

She added, “It's never too early to start building your future and the TDF makes it easier than ever. The TDF is a hassle-free solution with an asset allocation glide path which takes into account the investor’s age and expected year of retirement. The investments are allocated into more aggressive, growth focused strategies during the investors’ younger years when they can afford to take more risks. As the investors ages, the investments are gradually rebalanced to more moderate strategies as they age and approach their retirement. This way, the investor doesn’t

need to worry about proactively managing or rebalancing their investments in PRS – just stay consistent with your contributions, and let the fund do the heavy lifting for you,” she concluded. 

Users can invest in the Principal® PRS within TNG eWallet's GOfinance Hub.  To encourage users to take their first step, investments of RM100 or more from now till 31 December 2024 will be eligible for an additional reward of up to 8% per annum for 30 days.

This latest addition to GOfinance is one of the many financial services solutions designed to empower Malaysians to make informed financial decisions. With a comprehensive suite of convenient, secure, and rewarding financial services products within TNG eWallet, TNG Digital is committed to helping users manage their finances effectively and plan for a secure future.

Start exploring PRS in TNG eWallet today by visiting https://www.touchngo.com.my/goinvest/principal/