TNG eWallet To Roll Out Share Trading Feature By First Quarter Of 2024

Alex Cheong Pui Yin

10th October 2023 - 3 min read

TNG Digital has entered into a partnership with Bursa Malaysia and Affin Hwang Investment Bank to enable share trading on the Touch ‘n Go (TNG) eWallet. This new function is set to be launched some time in the first quarter of 2024 (1Q24), accessible through TNG eWallet’s existing GOinvest feature.

Once the share trading feature is rolled out, TNG eWallet users will be able to access their Central Depository System (CDS) account and portfolio via the app, and invest or trade on-the-go in real time. In addition to stocks, they will also be able to invest in exchange traded funds (ETFs). Furthermore, they can obtain real-time market information – provided by Affin Hwang – to help them make informed trading decisions, complemented by educational resources and customer support.

Note, though, that TNG eWallet will not support the direct opening of CDS accounts. Interested individuals will need to open their CDS account on a separate Affin Hwang platform before they can access it via TNG eWallet.

Chief executive officer of TNG Digital, Alan Ni said that this collaboration is in line with its ambition to make financial services – including investment – more easily accessible to the public. “Together, we can continue to empower Malaysians to make informed financial decisions while enabling them to enjoy a hassle-free and secure share trading experience,” he said.

Similarly, chief executive officer of Bursa Malaysia, Datuk Muhamad Umar Swift stated that this initiative is part of the exchange’s ongoing efforts to democratise equity investments and encourage greater engagement from retail investors. This, in turn, will let individual investors generate wealth as they help drive economic growth.

(Image: The Malaysian Reserve/Razak Ghazali)

“With TNG Digital’s 16 million verified eKYC TNG eWallet users and Affin Hwang’s share trading facilities and capability, we are poised to boost retail penetration in the stock market significantly,” said Datuk Muhamad Umar, adding that as of the end of September 2023, local retail participation in the equities market accounted for 27% of the overall average daily trading value – equivalent to RM545.3 million.

Datuk Muhamad Umar also commented that they aim to achieve 100,000 CDS accounts within the first year of the share trading feature’s launch on TNG eWallet.

Meanwhile, TNG eWallet’s GOinvest feature currently allows users to invest in two different avenues: unit trust funds with Principal Asset Management Bhd as well as Amanah Saham Nasional Berhad (ASNB).

(Sources: The Star, Lowyat.NET)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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