TNG Digital Sdn. Bhd. announced earlier this year its plan to become the first eWallet in Malaysia to implement 100% electronic Know-Your-Customer (eKYC) verification, users were given approximately 10 months to verify their TNG eWallet accounts, with mandatory eKYC verification set to be fully implemented on 20 December 2024.
Electronic Know-Your-Customer (eKYC) is an automated process that allows users to verify their identity digitally and effortlessly. Users simply upload a photo of their ID card and take a selfie for facial recognition, eliminating the hassle of paperwork or in-person visits. The system securely matches user’s ID with their photo to confirm their identity. Verified users gain enhanced protection, as eKYC adds an extra layer of security by reducing the risk of fraud and unauthorised access. eKYC also expands user eligibility, unlocking access to additional features and products.
From an industry perspective, achieving 100% eKYC verification across our user base enables TNG Digital to more effectively identify and weed out mule accounts and fraud cases, reinforcing the integrity and security of the ecosystem. This proactive approach not only protects users but also contributes to a safer and more resilient digital financial landscape.
Alan Ni, Chief Executive Officer of TNG Digital, emphasised, “Security is our top priority at TNG Digital. Implementing full eKYC is a bold and necessary move, making us the first eWallet to take this step because protecting our users is non-negotiable. This measure is crucial in enhancing platform security and reducing the risk of account takeovers. Our strong commitment to safety has enabled TNG eWallet to maintain a significantly low fraud rate—90% lower than the average fraud rate for card payments in the market. This achievement reflects the effectiveness of our security measures and our dedication to protecting our users. With eKYC, we are setting an even higher standard to ensure peace of mind for our users.”
Currently, non-eKYC users are limited to a low eWallet balance and can only access basic payment and toll features, including NFC card top-ups and RFID. With the full implementation of eKYC on 20 December, all new users will be required to complete eKYC verification to use TNG eWallet. For existing non-eKYC users, their access will be gradually restricted. These users will face increasing limitations until their TNG eWallet accounts are fully verified, and eventually they will lose access to their eWallet entirely if not verified.
