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Effendy Shahul Hamid, Group Chief Executive Officer, Touch ‘n Go Group, answers some questions that Enterprise IT News has about their new product.
EITN: What are the basic requirements to be a GO+ user? Is a Touch ‘n Go eWallet a basic requirement?
Effendy: To be a GO+ user, you are required to have the Touch ‘n Go eWallet App. You are also required to have your account verified through the electronic Know Your Customer (eKYC) process performed through Touch ‘n Go eWallet. Ensure your Personal Information is up to date and cash in RM10 or more to begin making more cents for your balance.
EITN: Do GO+ users need to download and install a new app, or can they use GO+ services from the app they already have from Touch n Go?
Effendy: To access GO+, Touch ‘n Go eWallet users are required to update the latest version of the Touch ‘n Go eWallet App and upgrade to GO+.
EITN: Based on this article, you mentioned coming up with GO+ variants. You also identified personal lending, asset management investments and personal lending as areas that are suitable for TnG Group to offer products in. Are the Go+ variants you meant, these new financial products?
Effendy: Touch ‘n Go Group is developing bespoke products that are innovative and able to address our user’s pain points when using the e-Wallet. The GO+ feature is one, and we will be introducing new financial products that are relevant to address market gaps in the investment and lending space.
EITN: From news reports, I understand GO+ being a platform that enables financial products like what Principal Asset Management (PAM) offers. And I can see that eWallet users who use PAM via GO+ can enjoy more benefits than if they just signed up with PAM without GO+. Are there any future financial products you will offer, that is wholly created by and belonging to Touch n Go? Will there at least be any knowledge transfer or a new division to enable this?
Effendy: At this juncture, we are working with partners who are market leaders. The aim is to provide a trustable and innovative product to all our eWallet users backed up by a credible and reputable partner.
EITN: What does the Recognised Market Operator (RMO) license by Securities Commission (SC) entail? Can you share how you have had to comply to license requirements from the technology and business operations perspective?
Effendy: The RMO license allows Touch ‘n Go eWallet to directly distribute capital market products, including money market unit trust funds, without having to be directed to third-party applications. We have ensured compliance towards SC’s requirement/guidelines with regards to our technology, process and governance perspective which is testament of Touch ‘n Go eWallet to be the 1st eWallet to be accorded the RMO license.
Cat Yong is Editor-in-Chief of Enterprise IT News, a regional news website which began in Malaysia circa 2011. A common theme in all of her work - opinions, analysis, features and more - is how technology and innovation drives business and outcomes.
A career tech journalist for 22 years, her work has evolved to also encompass narratives of tech powering human potential.
