Ascend Money subsidiary, TrueMoney Malaysia has expanded the use of its e-wallet to include convenience stores myNEWS and CU Mart outlets. With this, TrueMoney users can now transact at about 10,000 merchants and over 25,000 payment points.

In a statement, TrueMoney said that this move will allow its users to conveniently shop for a wide range of items and daily necessities, including food and beverages, as well as personal care products. They’ll also get to enjoy various promotions offered via the collaboration, such as instant cashback and giveaways.

“We are actively expanding TrueMoney’s coverage in Malaysia, connecting with more local and international merchants. Our aim is to become a preferred choice for digital purchases, providing Malaysian customers with an enhanced experience at our merchant payment points. With our in-app instant cashback and payment convenience, customers can enjoy a seamless and rewarding digital transaction experience,” said the country managing director of Ascend Group, Jessie Chong.

Founder and group chief executive officer of myNEWS Malaysia, Dang Tai Luk also said that the partnership is in line with the company’s aim to bring convenience to its customers. “Both TrueMoney and myNEWS share this goal and this shared commitment to customer-centricity is what makes our partnership with TrueMoney so promising,” he shared.

For context, TrueMoney was first established in Thailand in 2003 under Ascend Money, which was itself a subsidiary of Thailand conglomerate Charoen Pokphand (CP) Group. Since then, it has expanded to seven countries – with the latest being Malaysia in early 2023 – and has also been accepted as a payment option by several brands locally, including Lotus’s Malaysia, Tealive, and Super Dining Group (which runs various Japanese restaurants, including Rakuzen and Sushi Zanmai).

Meanwhile, myNEWS entered into a licence agreement with South Korea’s convenience store operator, BGF Retail Co Ltd in mid-2021 to bring its sub-franchise CU Mart to Malaysia.

(Source: TrueMoney)

• TAGS:
• Charoen Pokphand (CP) Group
• CU Mart
• Dang Tai Luk
• MyNews
• TrueMoney