Touch ‘n Go Launches Digital Microlending with CIMB
GOpinjam is mainly targeted at underserved and lower income segments of society
Touch ‘n Go (TNG) Group just launched a digital personal loan service, GOpinjam accessible via the TNG eWallet app.
Developed in partnership with CIMB Bank Bhd, GOpinjam is supported by CIMB Bank’s e-Zi Tunai Personal Loan, which has been approved by Bank Negara.
“We did a thorough research before developing GOpinjam, and I feel we have come up with a solution that addresses the pain points of current personal lending propositions,” said TNG Group chief executive officer, Effendy Shahul Hamid.
Key Highlights
- GOpinjam currently offers personal loans between RM100 and RM10,000 to Malaysians aged between 21 and 63.
- GOpinjam is targeting underserved segments of society who are unable to access formal credit facilities.
- GOpinjam has a flexible repayment period ranging from 1 week to 12 months.
- There is a requirement of having a minimum monthly income of RM800 to gain access to GOpinjam.
- First-time users who wish to apply will need to submit either a 1 month payslip or the latest EPF statement along with basic information for the loan application.
- Once the application is approved, the funds will be disbursed either into the applicant's TNG eWallet or CIMB bank account.
- Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who was present at the launch, welcomed the initiative and said mobile banking transactions in the country nearly quadrupled to RM800 billion in 2021 from RM203 billion in 2019.
