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CIMB Group Holdings, which owns 52% in TNG, said that the new mobile e-wallet would facilitate payment in a cashless and cardless environment by leveraging on Ant Financial’s Alipay technology platform.
The mobile e-wallet will be operated by TNG Digital, the joint-venture company between TNG and Ant Financial. Ant Financial is an affiliate company of the Alibaba Group.
The TNG e-wallet will enable payments to be made electronically at small business merchants, including night market vendors and tea stall operators.
Alipay currently supports over 450 million users in China alone via its Alipay payments system.
According to reports, Tencent’s WeChat Pay, together with Alipay and its overseas strategic mobile payment partners, claim a total of 600 million and 800 million users, respectively and both companies push for expansion in neighboring South Asian markets.
Currently, there are more than 18 million active Touch ‘n Go card users in Malaysia.
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