Touch n Go eWallet users would have seen teasers of this on the app, and the wraps are now off the new product. Touch n Go Group today (virtually) launched GO+, described as a financially inclusive investment product that allows TnG eWallet users and all Malaysians to gain access to low risk money market investments for as low as RM10.

GO+ sounds rather easy and convenient. Basically, once you’ve signed up, you can earn returns on your balance. Returns will be credited daily, and GO+ will also have a “cash-out” feature that will allow movement of funds between the user’s TnG eWallet and designated bank account. GO+ balances can be used for all eWallet payments.

With this new product, TnG enters the area of digital financial services. “It was designed to address core customer pain points, promote financial inclusion and emphasise the use of data and technology to deliver higher value products to our users. We’re extremely pleased to have been able to bring this novel product to the market, and at the same time continue our evolution and journey into financial services,” said Effendy Shahul Hamid, TnG Group CEO.

GO+ is anchored on the Principal e-Cash Fund, a money market fund managed by Principal Asset Management. TnG eWallet is the first eWallet provider in the country to obtain approval to operate as a “Recognised Market Operator” by the Securities Commission of Malaysia. The approval enables the company to directly distribute capital market products, including money market unit trust funds, through the TnG eWallet platform, without having to be directed to a third-party application.

Now you might have noticed that the return rate for GO+ isn’t very high (1.43% at the time of publication), and is definitely below what one can get from fixed deposits. Both Effendy and CEO of Principal Asset Management Munirah Khairuddin explained that this product is not meant to compete with FDs, and plus points in its favour are liquidity and convenience. It should be looked at as an alternative to current accounts and rival eWallets, which offer nothing for your balance.

According to the product highlights sheet (PHS) of the Principal e-Cash Fund, the fund will be invested in a combination of cash (at bank), placement of deposits, money market instruments and/or debt instruments in MYR. In the PHS, Principal Asset Management states its benchmark as CIMB Bank’s basic savings account top tier rate. It’s a low risk product.

GO+ is available effective today (March 29) to TnG eWallet users who are Malaysian citizens above 18 years old. Look out for the GO+ logo in the app, answer a few questions, and make your first cash-in (minimum RM10) to start. Note that investment products are not guaranteed by PIDM and the returns rate published already factors in usual costs such as management fee and trustee fee. A Syariah-compliant version is in the works.