The Touch ‘n Go Group has announced that its subsidiary, Touch ‘n Go Digital (TNGD) ha been granted conditional approval to operate as a recognised market operator (RMO) by the Securities Commission of Malaysia (SC), the company said in a statement.
The conditional approval by the Securities Commission will enable the company to directly distribute capital market products including money market unit trust funds through the Touch ‘n Go eWallet platform, without having to be directed to third-party applications, it said.
“The RMO status will allow us to bring a string of innovative digital offerings to our users. We will be launching a financially inclusive investment product in the first quarter of the year, allowing our users to access basic investment services for as low as RM10,” said TNG Group CEO Effendy Shahul Hamid.
Among the functions available through the Touch ‘n Go eWallet are PayDirect, which allows users to link up to three Touch ‘n Go cards to their eWallet app for use on toll highways, in addition to the eWallet’s other functions for retail purchases, bill payment and online shopping.
Touch ‘n Go was given approval by Bank Negara Malaysia (BNM) in 2018 to operate and offer mobile e-wallet service in the country. More recently, the Touch ‘n Go eWallet was reinstated as a means of making payment for parking in areas administered by Kuala Lumpur City Hall (DBKL), following a brief period of downtime for upgrading.