GOpinjam

Touch 'n Go Group (TNG Group) launched micro-loan product, GOpinjam, which charges borrowers interest rates of between 8% and 36% per year. With this addition to its suite of services offered via its Touch 'n Go eWallet, the group is looking more like a digital bank even though it did not put in an application for a digital banking license.

TNG Group does not need to transform into a bank and emphasized that it is comfortable with its position in the e-wallet industry, being the “intermediary” between users and financial institutions.

The rates are designed to cover the cost of the products, which are high risk. Miicro-loans offered via GOpinjam address a market segment which typically relies on unlicensed money lenders, and provide a safer and better alternative to these borrowers.