MyEG subsidiary gets Bank Negara nod to provide e-wallet services

KUALA LUMPUR: MyEG Services Bhd’s subsidiary, MyEG Alternative Payment Services Sdn Bhd, has received the approval from Bank Negara Malaysia to issue electronic money via its iPayEasy e-wallet service with a maximum limit of RM1,500 per customer.

The company, in a filing to Bursa Malaysia yesterday said the approval would enable MyEG Alternative to carry out activities in relation to the issuance of electronic money, which complements MyEG and its subsidiaries’ existing business activities.

“The Board of Directors is of the view that the approval is in the best interest of the company and that barring any unforeseen circumstances, the approval is expected to contribute positively to the prospects of the Group,” it said.

Similarly, on Monday, Touch ‘n Go Sdn Bhd has announced that it has obtained approval from Bank Negara Malaysia to operate and offer mobile e-wallet services via TNG Digital Sdn Bhd, its joint venture company with the Ant Financial Group.

The new mobile e-wallet will facilitate payments in a cashless and cardless environment by leveraging on Ant Financial’s Alipay technology platform, the world’s leading digital financial services provider.

Alipay currently supports over 450 million users in China alone via its Alipay payments system.

The new mobile e-wallet will enable Malaysians to experience a secure, convenient and seamless payment ecosystem by using Quick Response (QR) codes to perform, among others, online shopping, bill payment, retail payments, as well as P2P fund transfers.

Touch ‘n Go said it expects its current users who are predominantly toll, transit and parking users to quickly sign on to enjoy these expanded services.