Touch ‘n Go Group and Principal Asset Management (Principal) say Principal e-Cash Fund, the underlying fund for Touch ‘n Go’s GO+, is now Shariah-compliant making GO+ fund Malaysia’s first shariah-compliant eWallet product.
“When we first launched GO+, there were calls from our users for the underlying fund to be Shariah-compliant. We listened to them, and immediately went to work. We now have a product that is even more inclusive than it was, and perfectly in-line with our goals of bringing basic financial services to everyone,” says Effendy Shahul Hamid, Group CEO, Touch ‘n Go Group.
GO+ was first launched in March 2021 as Touch ‘n Go’s first step into the area of digital financial services.
The GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal. The product co-creation collaboration essentially combines Touch ‘n Go eWallet’s expertise in technology and ecosystems and Principal’s core expertise in investment strategy and fund management.
Munirah Khairuddin, CEO of Principal Asset Management said, “Now that the Principal e-Cash Fund is Shariah-compliant, we welcome customers from all walks of life to start their investing journey with as little as RM10 and with the same potential return. We are focused on providing more inclusive investment solutions so that financial security is accessible to all.
“As a financial companion, identifying the trends and addressing customers’ needs for Shariah-compliant solutions have allowed our Islamic business and capabilities continue to grow from strength to strength.”
To date, Touch ‘n Go eWallet’s platform GO+ has surpassed 1.2 million users. GO+ is available to Touch ‘n Go eWallet users who are Malaysian citizens above 18 years old.