HK's TNG Wallet eyes global expansion

Carol Co and Dylan Bushell-Embling
03/10/2016
News
Daily News

Hong Kong-based e-Wallet service provider TNG Wallet last week unveiled its global expansion plans, and introduced new features that cover applications including overseas money transfer and bill payment.

"We will completely change the payment lifestyle of our customers [in the region]," said TNG founder and CEO Alex Kong.

With the launch of TNG 3.0, the e-wallet provider has become the Hong Kong's first licensed e-Wallet service provider to enable cross-border financial transactions in 13 countries and locations: Hong Kong, mainland China, Vietnam, The Philippines, Singapore, Indonesia, Malaysia, Sri Lanka, India, Pakistan, Nepal, Bangladesh and Thailand.

The new features that are brought by "TNG 3.0" include: real-time global money transfer; real-time foreign exchange transaction; real-time global bill payment; real-time global mobile airtime top-up; "Make Money" feature; and "Salary Payout" feature. (To learn about the preceeding version TNG 2.0 please click here)

Replicating Hong Kong success

"We are leveraging on our success in Hong Kong to roll out a global roadmap to accelerate our mission to build a global cashless and cardless ecosystem, and to facilitate the adoption of a truly digital lifestyle. Having begun as a homegrown e-Wallet, TNG is introducing major new features and embarking on an exciting regional expansion," Kong said. TNG launched in Hong Kong just 10 months ago,

“The new global money transfer feature supports the transfer of money from customers' TNG app to over 800 banks across 12 countries outside Hong Kong, with no transfer fees, and at the "best exchange rate", he added. The recipients will be able to immediately withdraw cash at more than 190,000 cash pick-up points, such as pawn shops and money changers, upon the verification of their identity.

In addition, TNG users can now transact in 16 foreign currencies in real time. The purchased overseas currencies can be collected at 27 foreign exchange outlets in Hong Kong within three days of conducting the transaction.

Hong Kong residents that own properties overseas will also be able to make bill payments in 14 categories, including electricity, internet, water, telecoms and utilities.

Regarding mobile airtime, TNG's new feature Global Mobile Airtime Top-up allows TNG users to top up their foreign mobile SIM cards in real-time with 64 mobile operators in 10 countries. Residents and foreign workers, who cannot open bank accounts in Hong Kong, can now add value to their overseas SIM cards through the TNG app anytime and anywhere. They can also pay for or top up their family members' mobile accounts in their home countries.

Global e-Wallet Alliance

At the TNG 3.0 launch event, Kong also announced to establish the Global e-Wallet Alliance covering Hong Kong and 12 countries, which are expected to facilitate free flow of transactions with economies of scale. The 12 member countries are: China, Vietnam, The Philippines, Singapore, Indonesia, Malaysia, Sri Lanka, India, Pakistan, Nepal, Bangladesh and Thailand.

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