On July 24, Ant Financial announced the signing of an agreement with Touch’n Go (TNG), a company directly affiliated with the CIMB Bank. A joint venture company will be formed to provide electronic wallet solutions and other related financial services for local users. In the future, Malaysian people will be able to easily use their mobile phones to make financial payments from home.
At present, millions of Malaysians conduct electronic payments in retail stores, parking lots and on public transportation systems with Touch’n Go cards every day. In the future, the new electronic wallet will help TNG’s new and old users enjoy more services on their phones, including e-commerce services.
The parent company of TNG, CIMB Bank, is Malaysia’s second largest financial service provider. It is also one of the leading global banking groups in ASEAN, with offices in 9 of the 10 member ASEAN countries and has market shares in Hong Kong, India, South Korea, the United States and the UK.
According to sources, Malaysia is the first country to join the Electronic World Trade Platform (eWTP). The initiative was proposed by Jack Ma, Chairman of the Alibaba Group, to help small and medium-sized enterprises expand their trading capacity on a global scale. After joining this platform, Malaysia has shown a passion for embracing technological innovation.
Malaysian Prime Minister Najib Tun Razak visited China last November, and by March this year eWTP landed in Malaysia. Then in May, Najib traveled to Hangzhou to examine inclusive financing. Now, Ant Financial and partners are announcing their plan to launch a local version of Alipay in Malaysia.
This article originally appeared in Tech2ipo and was translated by Pandaily.
Click here to read the original Chinese article.