FRIDAY, March 29, 2024
nationthailand

Touch ‘n Go gets exclusive e-wallet deal

Touch ‘n Go gets exclusive e-wallet deal

TOUCH ‘n Go Sdn Bhd’s (TNG) tie-up with Alibaba’s Ant Financial Services Group to build an e-wallet for the Malaysian market is an exclusive deal, says Effendy Shahul Hamid of CIMB Investment Bank Bhd.

“While the digital platform that we will build will be open to integration with all other financial institutions here, the partnership with Ant Financial to build a specific e-wallet component for Malaysia is exclusive to TNG,” said Effendy, also the chief executive officer of group asset management and investments of CIMB Group Holdings Bhd, the parent of TNG, after the inking of an equity joint-venture (JV) agreement between TNG and Ant Financial on Monday.
It is understood that Ant Financial has inked similar deals with particular institutions in a few countries in the region, such as Emtek Group in Indonesia, CP Group’s Ascend Money in Thailand, Paytm in India, Kakao Pay Corp in South Korea and Mynt in the Philippines.
TNG is a 52 per cent – owned subsidiary of CIMB, while Ant Financial is the parent company of Alipay.
The equity JV agreement will see the formation of a JV company, whereby TNG will be the major shareholder and Ant Financial a minority shareholder.
The JV will leverage on both parties’ local market insights, technology capabilities, market experience and brands to introduce a world-class mobile platform for payments and other financial services.
Meanwhile, the capital injected by both parties will go towards the creation of a world-class online and offline payments provider, delivering superior mobile wallet solutions as well as other related financial services.
This will mark Ant Financial’s first investment in Malaysia, though no investment sum has been fixed yet.
 

RELATED
nationthailand