KUALA LUMPUR: The Touch ‘n Go eWallet has entered the mainstream financial services sector by being the first e-wallet in Malaysia to launch an investment product, known as GO+.
It allows users access to low risk money market investments for as low as RM10.
Anchored on the Principal e-Cash Fund managed by Principal Asset Management Bhd, GO+ enables Touch ‘n Go eWallet users to earn returns on their GO+ balances and returns will be credited daily.
It also comes with a cash-out feature that allows the seamless movement of funds between the user’s eWallet and their designated bank accounts.
The GO+ balances can also be used for all eWallet payments use cases.
Touch ‘n Go Sdn Bhd chief executive officer Effendy Shahul Hamid said GO+ is the group’s first step into the area of digital financial services.
“It was designed to address core customer pain points, promote financial inclusion and emphasise the use of data and technology to deliver higher value products to our users.
“We’re extremely pleased to have been able to bring this novel product to the market and at the same time continue our evolution and journey into financial services,” he said during the virtual launching ceremony of GO+ earlier today.
Every individual GO+ account has a balance limit of RM9,500 but the aggregate GO+ account balance is currently capped at RM5bil.
Therefore, the maximum amount that each GO+ account can hold is still subject to the aggregate limit, meaning that at any point when the aggregate limit is maxed out, users will not be able to cash in to their GO+ accounts.
Principal Asset Management CEO Munirah Khairuddin said GO+ is an almost risk free investment and that the product is highly liquid.
“We’re just placing out the funds with good banks and we will source for the best yields in town.
“As professional fund managers, we also rate the banks ourselves through their credit scores.
“GO+ is very safe, highly liquid and almost risk free because it’s just banking deposits,” she said, adding that the Principal e-Cash Fund was developed specifically for GO+ and focusses on convenience and yield enhancement.
Munirah also said that this was just the beginning of their digital offering with Touch ‘n Go and they looked forward to developing many more.
GO+ is available effective March 29, 2021 to Touch ‘n Go eWallet users who are Malaysian citizens above 18 years old.
Look out for the GO+ logo on the eWallet app, follow a few simple steps, do an initial minimum RM10 cash-in to start earning returns.
