Touch ‘n Go eWallet Granted Recognised Market Operator (“RMO”) Status by the Securities Commission of Malaysia

2021-01-13 00:00:00
Touch ‘n Go eWallet Granted Recognised Market Operator (“RMO”) Status by the Securities Commission of Malaysia

Kuala Lumpur, 13 January 2021 – Touch ‘n Go (“TNG”) Group today announced that its subsidiary, TNG Digital Sdn Bhd (“TNGD”), had been granted conditional approval to operate as a Recognised Market Operator (“RMO”) by the Securities Commission of Malaysia (“SC”).

The conditional approval by the SC will enable 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 third-party applications.

“This truly is a landmark development and an industry first. Our teams have been working tirelessly together with regulators and partners to get to this stage. The RMO status will allow us to bring a string of innovative digital offerings to our 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,” said Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group.

“We feel that this offering will add significant value to our large payments and transportation user base and continue our evolution into financial services. We aim to make this an extremely seamless and frictionless offer to Touch ‘n Go eWallet users. With the approvals behind us, we will now focus on ensuring the user-experience is best-in-class as we move towards a launch,” added Effendy.

This innovative proposition is made possible through TNG’s collaboration with Principal Asset Management (“Principal”), one of Malaysia’s largest fund management company. This win-win partnership combines platform development, technology and data expertise of Touch ‘n Go eWallet and Principal’s expertise in investment strategy and fund management. Using Touch ‘n Go eWallet as a delivery platform also supports the nations digital and cashless agenda; as well as support financial inclusion.  

More details about the e-financial solution offering will be announced soon.

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