According to a report, Touch ‘n Go Group (TNG) through its subsidiary, TNG Digital Sdn Bhd (TNGD), has obtained conditional approval from the Securities Commission Malaysia (SC) to operate as a Recognized Market Operator (RMO).
In addition, the conditional approval granted by the SC enables the company to manage the operation and distribution of capital market products directly, including money market unit trust funds through the Touch ‘n Go eWallet application without involving third party applications.
Based on the statement of TNG Group Chief Executive Officer, Effendy Shahul Hamid, the reforms form a landmark and the first in the industry.
In addition, the RMO status earned enables them to diversify their innovative digital product offerings to consumers. Meanwhile, in the first quarter of this year, financial products in the form of investments will be launched. It aims to provide variety and enable consumers to get basic investment services for as low as RM10.
For everyone's information, a collaboration has been signed between TNG and Principal Asset Management (Principal), one of the largest fund management companies in Malaysia to launch the investment medium.
