KUALA LUMPUR: Touch 'n Go Group has surpassed the one million mark for its financially inclusive investment product GO+ in just over two months.
Group chief executive officer Effendy Shahrul Hamid said it would build on the success and add more varied products in the category.
"We will also be making improvements to GO+ on the back of some very encouraging customer driven feedback and data on user experience," he said in a statement today.
Effendy said many of the group's users found the fungibility function between the GO+ balance and Touch 'n Go eWallet use cases attractive, and that drove sign-ups
"Another data point we were also encouraged by is the reach of this proposition and its agendas around inclusion.
"Seventy-three per cent of GO+ users are from outside the Klang Valley, and that number continues to grow," added Effendy.
Touch 'n Go launched GO+ on 29 March 2021 as its first step into the area of digital financial services.
GO+ allows Touch 'n Go eWallet users and Malaysians to gain access to low-risk money market investments for as low as RM10.
Aside from being able to earn more than banking current accounts, GO+ balances can also be used across all Touch 'n Go eWallet payments use-cases.
Touch 'n Go also introduced +Kawan campaign which allows referrers' to reap the benefits from referring their friends/families to onboard to GO+.
Referrers earn 1.0 per cent per annum bonus return rate per friend, with no limit on the number of friends they can invite.
To date, a record of top three referrers has introduced 153,133 and 74 of their friends (referees) respectively with the +Kawan campaign.
The funds in GO+ are managed by Principal Asset Management, Malaysia's largest fund manager.
The funds are invested predominantly into short-term bank deposits with the top banks in the country (Public Islamic Bank, CIMB Islamic, RHB Islamic Bank and Hong Leong Islamic Bank).
Touch 'n Go eWallet is the first eWallet provider to obtain approval to operate as a recognised market operator by the Securities Commission.
The approval enables the company to directly distribute capital market products, including money market unit trust funds, through the Touch 'n Go eWallet platform, without having to be directed to a third-party application.