Touch ‘n Go Group (TNG)a Malaysia-based payments company backed by Jack Ma’s Ant Group Co, on Friday announced the launch of GOpinjam, an inclusive digital personal loan proposition available through TNG eWallet.
This is TNG eWallet’s first digital lending solutions offering, having previously launched financial services offerings in investments and insurance, TNG said in a statement.
Accessible through the TNG eWallet and delivered entirely electronically, GOpinjam offers personal loans from RM100 up to a maximum of MYR10,000 ($2,376). The repayment period for these loans can range from a week to a year with no hidden charges of early settlement charges.
To further promote inclusion and accessibility to as many people as possible, potential borrowers will need a minimum monthly income of just RM800 to access GOpinjam.
GOpinjam is developed in partnership with Malaysian-based CIMB Bank Berhad and uses differentiated product design and delivery mechanisms to ensure a top-notch user journey and experience. The credit underwriting process is also differentiated, built using the best of both datasets, that of the credit bureau and also the e-wallet spending data, resulting in greater accessibility for the underserved segment. banked. For example, this is the first loan offering that would allow users to borrow from MYR 100 ($23.76), with CIMB Bank’s e-Zi Tunai personal loan product which has been endorsed by the Malaysian regulator Bank Negara Malaysia.
“It’s a real market first. We researched the landscape extensively before building GOpinjam and I believe we have found a proposition that provides significant value to our users, while addressing the pain points of current personal loan propositions. We are so happy that we were able to put this together. We will consider post-launch feedback and continue to improve with the aim of making it the benchmark product for this segment,” said Effendy Shahul Hamid, Managing Director of TNG Group.
“The element of financial inclusion has always been at the forefront of our thinking, and we expect GOpinjam to be available to those who otherwise would not have been able to access formal credit facilities. We have been successful achieve this through a “win-win” partnership mentality between TNG and CIMB Bank – leveraging each other’s credit underwriting strengths and wealth of data to bring the most relevant personal credit solution to underserved segments,” he added.
Providing an update on the other key financial services development launched by TNG, he added that TNG’s GO+ micro-investment proposition, launched in 2021, already has 2.25 million users.
Meanwhile, on the insurance side, he said TNG contributed 31% to the Malaysian government’s Perlindungan Tenang (a national insurance initiative) voucher scheme.
“CIMB is proud to support GOpinjam through our CIMB e-Zi Tunai Personal Loan, a fully inclusive proposition targeting underserved segments, anchored on a pure-play eWallet-bank partnership. This development is also in line with our long-term strategy and intent for TNG Group, and to enable it to become one of Malaysia’s leading non-banking digital financial services providers. We believe that GOpinjam also responds to the government’s push towards a more inclusive and cashless society, an area CIMB Group and TNG Group fully support,” said Abdul Rahman Ahmad, Managing Director of CIMB Group.
TNG Group is Malaysia’s fintech company focusing on the country’s transport ecosystems and platform-based payment infrastructure. It includes service offerings from Touch ‘n Go Sdn Bhd (TNG), a wholly owned subsidiary of CIMB Group and TNG Digital Sdn Bhd (TNGD), a joint venture between TNG and Alipay’s parent company Ant Group, the largest digital payments provider in China. Platform.
Established in 2017, TNGD is the owner and operator of TNG eWallet which has over 16 million registered users in Malaysia. Combining TNG’s strong national brand, leadership position in toll, transit, and parking use cases and nationwide user base, along with Ant’s deep expertise in the field and leading the development of open platforms for technology-driven inclusive financial services, TNG e-Wallet provides financial services and payment services. to retail users and small and medium enterprises, across physical and online infrastructure.
CIMB is one of ASEAN’s leading banking groups and Malaysia’s second-largest financial services provider, by assets. Listed on the Malaysian Stock Exchange, it offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services.
Based in Kuala Lumpur, the group is present in the 10 ASEAN countries (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and the Philippines). Beyond ASEAN, it is present in the markets of China, Hong Kong, India, South Korea, the United States and the United Kingdom. It has one of the most extensive retail branch networks in ASEAN with 630 branches and approximately 33,000 employees as of December 31, 2021.
Malaysia’s Touch ‘n Go eWallet and Singapore’s Dotlines Collaborate to Include Migrants in the Cashless Society