Touch n Go eWallet’s GO+ fund now Shariah-compliant

Touch n Go Group and Principal Asset Management today jointly announced that Principal e-Cash Fund, the underlying fund for Touch n Go’s GO+ product, is now Shariah-compliant. This makes the GO+ fund Malaysia’s first Shariah-compliant eWallet product.

Aside from the fact that it’s now Shariah-compliant, GO+ is still pretty much the same product was launched in March. Through the fund, TnG eWallet customers can gain access to low-risk money market investments for as low as RM10 and earn the same potential returns on a daily basis, while being able to use the funds for all eWallet transactions.

“When we first launched GO+, there were calls from our users for the underlying fund to be Shariah-compliant. We listened to them, and immediately went to work. We now have a product that is even more inclusive than it was, and perfectly in-line with our goals of bringing basic financial services to everyone,” said Effendy Shahul Hamid, CEO of the Touch n Go Group.

GO+, TnG’s first step into the area of digital financial services, is anchored on the Principal e-Cash Fund, a money market fund managed by Principal. The collaboration essentially combines Touch n Go eWallet’s expertise in technology and ecosystems and Principal’s expertise in investment strategy and fund management.

“We are focused on providing more inclusive investment solutions so that financial security is accessible to all. As a financial companion, identifying the trends and addressing customers’ needs for Shariah-compliant solutions have allowed our Islamic business and capabilities continue to grow from strength to strength,” said Munirah Khairuddin, CEO of Principal Asset Management.

“We are currently the leading Islamic asset manager in Malaysia, among the top five global Islamic asset manager, and at the forefront of developing new Shariah-compliant products and solutions in the global market. We manage a total of RM96.7 billion funds in Southeast Asia, out of which, RM30.69 billion is Islamic funds, as of June,” she added.

To date, GO+ has over 1.2 million users. The financial product is available to Touch n Go eWallet users who are Malaysian citizens above 18 years old. More on how it works here.

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