Touch ‘n Go launches personal loan initiative
PETALING JAYA: Underserved segments of society can now apply for a personal loan between RM100 and RM10,000 with a flexible repayment period ranging from one week to 12 months through GOpinjam, an inclusive digital personal loan service from the Touch ‘n Group. GB (TNG).
GOpinjam is available through the Touch ‘n Go eWallet app in partnership with CIMB Bank Berhad.
TNG Group CEO Effendy Shahul Hamid said he expects GOpinjam to be available for those who cannot access formal credit facilities.
“We studied the landscape extensively before developing GOpinjam, and I believe we have found a proposition that provides significant value to our users. At the same time, it addresses the weak points of current personal loan propositions.”
Effendy said the launch of GOpinjam could educate new borrowers on debt management while helping Malaysians access appropriate finance facilities rather than resorting to loan sharks.
He added that TNG’s other financial services such as GO+, which is a micro-investment proposition launched in 2021, has 2.25 million users. In insurance, TNG contributed 31% to the government’s “Perlindungan Tenang” voucher program.
CIMB Group CEO, Datuk Abdul Rahman Ahmad, said the bank is proud to support GOpinjam through its CIMB e-Zi Tunai personal loan, which is a fully inclusive proposition aimed at underserved segments.
“Our partnership is also part of our long-term strategy to grow the Touch ‘n Go Group into one of the nation’s leading non-banking digital financial services providers.
“In addition, GOpinjam also addresses the government’s push towards a more inclusive and cashless society, which is an area that CIMB Group and Touch ‘n Go Group fully support,” he said.
Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who was present at the launch, praised the initiative and said he was encouraged that Malaysia was on the right path to technology adoption.
He said mobile banking transactions in the country nearly quadrupled to RM800 billion in 2021 from RM203 billion in 2019.
With 47 non-bank e-money issuers, Tengku Zafrul said e-money transactions nearly tripled to RM51 billion last year from RM18 billion in 2019.
“It shows how quickly consumers and merchants have adapted to the new normal of cashless transactions,” he said.
New users, who wish to apply for the GOpinjam facility, must submit either a one-month payslip or the latest EPF statement, along with the basic information for the loan application.
Funds will be immediately deposited into the Touch ‘n Go eWallet or CIMB Bank account of successful applicants.
Malaysians over the age of 21 who are Touch ‘n Go eWallet users can qualify for the GOpinjam facility.
Visit www.touchngo.com.my for more information and updates on GOpinjam.