Bank Negara Malaysia (BNM) has given Touch ‘n Go (TnG) approval to operate and offer mobile e-wallet services in the country. The services – based on the Alipay payment system, which presently supports over 450 million users in China – will be offered via TNG Digital, a joint-venture concern with Alibaba Group affiliate Ant Financial Group.
This was revealed by CIMB Group Holdings in a filing to Bursa Malaysia, Bernama reports. Touch ‘ Go is owned by CIMB, MTD Equity and PLUS Expressways.
The new mobile e-wallet will enable Malaysians to experience a secure, convenient and seamless payment ecosystem, utilising Quick Response codes to perform online shopping, bill payment, retail payments as well as peer-to-peer fund transfers.
According to TnG CEO Syahrunizam Samsudin, the company says it is expecting its current users, who are predominantly toll, transit and parking users, to embrace the expanded services.
“Today, Touch ‘n Go is already the number one player in micropayments, and we see this offering as an add-on as we strengthen our value proposition, moving the country and our customers further into the realm of digital payments,” he said.