GO+ fund becomes Malaysia’s first shariah-compliant eWallet product
Touch ‘n Go Group and Principal Asset Management (“Principal”) today jointly announced that Principal e-Cash Fund, the underlying fund for Touch ‘n Go’s GO+, is now Shariah-compliant. This makes GO+ fund Malaysia’s first shariah- compliant eWallet product.
Through this Shariah-compliant fund, Touch ‘n Go eWallet customers will still gain access to low-risk money market investments for as low as RM10 and earn the same potential return on daily basis whilst being able to use the funds for all transaction over its eWallet.
“When we first launched GO+, there were calls from our users for the underlying fund to be Shariah-compliant. We listened to them, and immediately went to work. We now have a product that is even more inclusive than it was, and perfectly in-line with our goals of bringing basic financial services to everyone,” said Effendy Shahul Hamid, Group Chief Executive Officer, Touch ‘n Go Group.
GO+ was first launched in March 2021 as Touch ‘n Go’s first step into the area of digital financial services.
The GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal. The product co-creation collaboration essentially combines Touch ‘n Go eWallet’s expertise in technology and ecosystems and Principal’s core expertise in investment strategy and fund management.
Munirah Khairuddin, CEO of Principal Asset Management said, “In these times of uncertainty, we are more committed than ever to helping more Malaysians manage financial challenges. Now that the Principal e-Cash Fund is Shariah-compliant, we welcome customers from all walks of life to start their investing journey with as little as RM10 and with same potential return. We are focused on providing more inclusive investment solutions so that financial security is accessible to all.
“As a financial companion, identifying the trends and addressing customers’ needs for Shariah-compliant solutions have allowed our Islamic business and capabilities continue to grow from strength to strength. We are currently the leading Islamic asset manager in Malaysia, among the top five global Islamic asset manager, and at the forefront of developing new Shariah-compliant products and solutions in the global market. We manage a total of RM96.7 billion funds in Southeast Asia, out of which, RM30.69 billion is Islamic funds, as of June,” she added.
Meanwhile, Datuk Dr. Mohd Daud Bakar, Founder and Executive Chairman of Amanie Group, Principal’s Shariah Adviser said, “The Islamic finance industry is expected to further grow in 2021 and 2022, and we are glad that both Touch ‘n Go and Principal would serve as a catalyst to the Islamic investment market, and wider Muslim population to enter and participate in the eWallet investment space as well.”
To date, Touch ‘n Go eWallet’s platform GO+ has surpassed 1.2 million users. GO+ is available to Touch ‘n Go eWallet users who are Malaysian citizens above 18 years old.
