(Updated)

Touch 'n Go investment product GO+ users surpass one million

Touch 'n Go investment product GO+ users surpass one million
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KUALA LUMPUR (June 7): Touch 'n Go Group said today the number of users for the payment solutions provider's investment product GO+ has surpassed the one million mark in just over two months since the scheme was launched on March 29, 2021 as users found the fungibility function between the GO+ balance and Touch 'n Go eWallet attractive.

In a statement today, Touch 'n Go Group said GO+ is a financially inclusive investment product that allows Touch 'n Go eWallet users and all Malaysians to gain access to low-risk money market investments for as low as RM10.

"Aside from being able to earn more than banking current accounts, GO+ balances can also be used across all Touch 'n Go eWallet payments use-cases.

"Touch 'n Go launched GO+ on March 29, 2021 as its first step into the area of digital financial services," Touch 'n Go Group said.

Touch 'n Go Group comprises Touch 'n Go Sdn Bhd (TNG), a wholly owned subsidiary of CIMB Group Holdings Bhd and TNG Digital Sdn Bhd (TNGD), a joint venture between TNG and Ant Group, according to Touch 'n Go Group's statement.

Touch 'n Go Group's group chief executive officer Effendy Shahul Hamid said in the statement that GO+'s success in securing more than one million users in just over two months since its launch is "well ahead of our internal estimates".

"We will now build on this success and add more varied products in this category. We will also be making improvements to GO+ on the back of some very encouraging customer-driven feedback and data on user experience.

"Another data point we were also encouraged by is the reach of this proposition and its agendas around inclusion. 73% of GO+ users are from outside the Klang Valley, and that number continues to grow," Effendy said.

According to Touch 'n Go Group's statement, the funds in GO+ are managed by Principal Asset Management.

"The funds are invested predominantly in short-term bank deposits with top banks in the country (e.g. Public Islamic Bank, CIMB Islamic, RHB Islamic Bank and Hong Leong Islamic Bank) thus emphasising the funds are well managed, safe and secure," Touch 'n Go Group said.

At Bursa Malaysia on Friday (June 4), CIMB's share price closed down three sen or 0.67% at RM4.45 for a market value of about RM44.14 billion.

CIMB has 9.92 billion issued shares.

Today, Malaysian markets are closed in conjunction with Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah’s official birthday.

Malaysian markets will resume trading tomorrow.