Ignatius Ong to Resign from his Role as TNG Digital’s Chief Executive

Following a 2-year stint at TNG Digital, Ignatius Ong has reportedly decided to resign from his position as the CEO “effective 31st March 2022” because of personal reasons..

Ignatius had previously been appointed as the CEO back in 2019 in order to replace Syahrunizam Samsudin who had also been one of the founding members of TNG Digital.

Alan Ni, who is presently the firm’s COO, Chief Product Officer and Financial Services Business Head will reportedly be taking over the position.

He had significantly accelerated TNG Digital’s ongoing growth, after taking over the business operation role and served a key role in expanding the digital wallet’s user-base when he had joined the firm in 2018. Alan had also been leading the charge behind the “PayDirect” Toll solution.

Before that, Alan had been working as Senior MD who was in responsible for retail risk management for the CIMB group.

TNG representatives have confirmed that the leadership change will actually be taking place.

They also mentioned that a fairly smooth transition is expected without any major changes to TNG Digital’s business strategy and growth plans.

TNG Digital is a Malaysian digital wallet provider that was established as a result of a joint-initiative between Touch ‘n Go and Ant Financial Group.

AIA Malaysia had announced in July 2021 that it would become the fourth shareholder by acquiring a minority stake in TNG Digital. This was part of a move that values the firm at around $700 million (appr. RM3 billion).

As covered in August 2021, Touch ‘n Go Group (TNG) and Principal Asset Management revealed that they’re introducing the Principal e-Cash Fund, which is the underlying fund for Touch ‘n Go’s GO+. This product is now Shariah-compliant, the update confirmed.

TNG’s management noted that this makes GO+ fund Malaysia’s very first Shariah compliant electronic wallet product.

Through this Islamic fund, Touch ‘n Go will be allowing its clients to continue accessing low-risk money market investments for as little as RM10 while being able to earn the same potential return on a daily basis. Customers may also use the funds for all transactions via the digital wallet.

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