Contact ‘n Go Group and Principal Asset Administration Introduce Shariah-Compliant E-Money Fund in Malaysia

Contact ‘n Go Group (TNG) and Principal Asset Administration revealed on August 18, 2021 that they’re introducing the Principal e-Money Fund, which is the underlying fund for Contact ‘n Go’s GO+. This product is now Shariah-compliant, the replace confirmed.

TNG’s administration famous that this makes GO+ fund Malaysia’s very first Shariah compliant digital pockets product.

Via this Islamic fund, Contact ‘n Go might be permitting its shoppers to proceed accessing low-risk cash market investments for as little as RM10 whereas with the ability to earn the identical potential return every day. Prospects might also use the funds for all transactions by way of the digital pockets.

GO+ was first launched in March of this 12 months and has now exceeded 1.2 million customers, up to now.

The product goals to convey collectively Contact ‘n Go digital pockets’s experience in tech and associated ecosystems and Principal’s essential experience in supporting funding methods and asset administration.

Effendy Shahul Hamid, Group CEO at Contact ‘n Go Group, acknowledged:

“Once we first launched GO+, there have been calls from our customers for the underlying fund to be Shariah-compliant. We listened to them, and instantly went to work. We now have a product that’s much more inclusive than it was, and completely in-line with our objectives of bringing primary monetary companies to everybody.”

Munirah Khairuddin, CEO of Principal Asset Administration, remarked:

“We’re at present the main Islamic asset supervisor in Malaysia, among the many prime 5 international Islamic asset supervisor, and on the forefront of creating new Shariah-compliant merchandise and options within the international market. We handle a complete of RM96.7 billion funds in Southeast Asia, out of which, RM30.69 billion is Islamic funds, as of June.”

As coated in July 2021, AIA Malaysia had revealed that it will likely be buying a minority stake in TNG Digital, which is the proprietor of Contact ‘n Go digital pockets. This deal will reportedly be a key a part of a long-term strategic partnership.

The Edge reported final month that this transaction ought to make AIA the fourth listed shareholder of TNG Digital. The agency might be becoming a member of others with a stake within the agency, together with CIMB Group Holdings, China’s Fintech big Ant Group in addition to New York’s funding firm Bow Wave Capital Administration.

The report from the information outlet cited a supply that exposed that this deal could worth TNG Digital at round $700 million or about RM three billion.

TNG Digital is reportedly seeking to safe as a lot as $250 million in capital by the tip of this 12 months, which ought to exceed the quantity acquired in Malaysia‘s largest Fintech funding spherical of $70 million (a file that was set by native digital pockets agency Enhance).