TNG Digital Sdn. Bhd. (“TNG Digital”), Malaysia's leading fintech player and operator of Touch 'n Go eWallet, held its first media briefing of the year today, reflecting on its market position and outlining its strategic outlook for 2024.
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| Foo Yeong Jin, Chief Risk Officer; Desmond Teoh, Head of Financial Services; Alan Ni, Chief Executive Officer; Mohd Herman Sarbini, Chief Operations Officer; and Chiew Wei Wing, Chief Product Officer of TNG Digital Sdn Bhd hosting a media briefing with key media, recapping its business performance in 2023 and forecasting the upcoming plans in 2024 |
In his address, Alan Ni, CEO of TNG Digital, acknowledged the company's significant growth and market leadership in Malaysia. With a focus on providing accessible digital financial solutions, Touch ‘n Go eWallet has steadily grown its user base and merchant touchpoints, achieving notable milestones:
- Over the years, Touch ‘n Go eWallet has demonstrated substantial growth, with the 2023 Total Payment Value (TPV) more than doubling compared to 2022. In a highly competitive market with over 50 eWallet players, TNG Digital now commands a dominant market share of over 50%.
- Touch ‘n Go eWallet boasts approximately 21 million verified (eKYC) users and over 2 million domestic merchant payment points. Additionally, our QR cross -border payment capability has expanded to over 40 countries, while our remittance service now spans more than 60 countries.
- Over time, the business composition has evolved significantly. Mobility transactions (primarily toll and parking) now constitute less than 5% of our TPV, while financial services have grown to over 20%. Touch ‘n Go eWallet has successfully transitioned into a comprehensive financial platform with diverse user applications, experiencing rapid expansion.
- Since the launch of GOrewards in November 2023, more than 9 million users have enrolled in our loyalty programme, which makes it the most popular loyalty platform in Malaysia.
Touch ‘n Go eWallet has always put security at the forefront of our innovation. We were the first financial institution to implement the five safety and security measures imposed on banks by the regulator. This proactive approach has resulted in a dramatic decline in the fraud rate, enhancing user trust and confidence.
Speaking at the media briefing, Ni reflected on the remarkable performance of 2023, stating, “Our unwavering dedication to delivering convenience, confidence and a rewarding experience to our users has propelled Touch 'n Go eWallet to the forefront of the industry. We are immensely proud of our achievements, including winning the prestigious Putra Brand of the Year 2023 and Fintech of the Year 2023 awards, which underscore our position as the preferred choice among Malaysians.”
Looking ahead to 2024, TNG Digital remains committed to innovation and enhancing user experience. Ni outlined the company's strategic priorities for the coming year, where Touch 'n Go eWallet is set to introduce groundbreaking financial services products to cater to a broader audience. These include a revolving credit line product, eliminating the need for reloads, and a new lending product with lower interest rates and greater flexibility. Furthermore, new products under GOinvest, such as gold trading and share trading, will provide users with diverse investment opportunities.
Furthermore, Touch 'n Go eWallet aims to enhance its value added services for merchants with the introduction of a new merchant wallet and enhanced features to drive foot traffic for our merchants. The platform will also roll out a range of innovative products tailored for merchants, including but not limited to soundbox, merchant money packet, store finder and reviews and a suite of financial services products for merchants, positioning itself as a one- stop solution provider for businesses, particularly SME.
To strengthen security measures and enhance user verification, Touch ‘n Go eWallet will be embarking on a pioneering initiative to become the first eWallet in Malaysia to implement 100% eKYC or account verification. This approach will further ensure stringent user authentication, fostering a more secure digital payment ecosystem. More details on the implementation will be revealed soon.
Ni concluded, “As we embark on this exciting journey in 2024, Touch 'n Go eWallet remains steadfast in its commitment to driving financial inclusion and empowerment across Malaysia. With our innovative solutions and unwavering dedication, we are poised to redefine the digital payment and banking experience in Malaysia.”
