PETALING JAYA: Underserved segments of society can now apply for a personal loan between RM100 and RM10,000 with a flexible repayment period ranging from one week to 12 months through GOpinjam, an inclusive digital personal loan service from Touch ‘n Go (TNG) Group.
GOpinjam is available through the Touch ‘n Go eWallet app in partnership with CIMB Bank Berhad.
TNG group chief executive officer Effendy Shahul Hamid said it expects GOpinjam to be available to those who are unable to access formal credit facilities.
“We researched the landscape thoroughly before developing GOpinjam, and I feel we have come up with a proposition that delivers significant value to our users. At the same time, it addresses the pain points of current personal lending propositions.”
Effendy said the launch of GOpinjam could educate first-time borrowers on debt management while helping Malaysians to access proper financing facilities rather than resorting to loan sharks.
He added TNG’s other financial services such as GO+, which is a micro-investment proposition launched in 2021, has 2.25 million users. In insurance, TNG contributed to 31% of the government’s “Perlindungan Tenang” Voucher Programme.
CIMB Group CEO Datuk Abdul Rahman Ahmad said the bank is proud to support GOpinjam through its CIMB e-Zi Tunai Personal Loan, which is a fully inclusive proposition targeted at underserved segments.
“Our partnership is also in line with our long-term strategy to allow the Touch ‘n Go Group to develop into one of the country’s leading non-bank digital financial services provider.
“Furthermore, GOpinjam also addresses the government’s push towards a more cashless and inclusive society, which is an area CIMB Group and Touch ‘n Go Group fully support,” he said.
Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who was present at the launch, welcomed the initiative and said he was encouraged that Malaysia was on the right track towards technological adoption.
He said mobile banking transactions in the country nearly quadrupled to RM800 billion in 2021 from RM203 billion in 2019.
With 47 non-bank e-money issuers, Tengku Zafrul said e-money transactions grew nearly threefold to RM51 billion last year from RM18 billion in 2019.
“This shows how consumers and merchants have quickly adapted to the new normal of cashless transactions,” he said.
First-time users, who wish to apply for the GOpinjam facility, are required to submit either a one-month payslip or the latest EPF statement along with basic information for loan application.
Funds will be immediately disbursed into either the Touch ‘n Go eWallet or CIMB Bank account of successful applicants.
Malaysians aged above 21, who are Touch ‘n Go eWallet users, can qualify for the GOpinjam facility.
Visit www.touchngo.com.my for more information and updates on GOpinjam.
