Hong Kong, 25 August, 2016 – TNG Wallet (“TNG”), Hong Kong’s Number 1 e-wallet1, said it has received the coveted Stored Value Facilities (“SVF”) Licence from the Hong Kong Monetary Authority (“HKMA”).
Recognised by many in the tech industry as a “true” e-wallet, TNG can be operated totally independent of a user’s bank or credit card account. It allows users to store prepaid value for online & offline purchases, pay bills, send money to other TNG users, transfer money to any bank account in Hong Kong and make cash withdrawals 365 days a year with just a few taps on the mobile phone.
Its e-ticketing and e-coupon features allow users to enjoy unparalleled convenience in the new cashless and cardless digital age, with no more form to fill in and no more queue. Merchants also enjoy real, tangible economic benefits with lower transaction costs, next- day settlement for improved cash flows, and built-in customer relationship management with big data analytics.
With over 370,000 registered users since its launch in November 2015, TNG aims to take Hong Kong’s financial technology (“FinTech”) industry to new heights as Hong Kong is among the first cities in Asia to award SVF licences.
“We are very proud to be one of the first batch of licencees to be granted with the SVF Licence. This highlights our commitment to meeting the high standards imposed on regulated entities under the Payment Systems and Stored Value Facilities Ordinance and we have implemented the necessary float protection, privacy and security measures to safeguard the money and transaction flows of our users and merchants while providing the highest level of service quality.” said Mr. Alex Kong, Founder and CEO of TNG.
“The award of the licence is a major catalyst in strengthening TNG‘s position as Hong Kong’s leading e-wallet. Going forward, TNG promises many more functions and features which would bring even greater convenience and benefits to users and small and medium- sized merchants who still rely primarily on cash payments. In turn, this will propel a major shift toward a truly cashless lifestyle which will extend beyond Hong Kong to the rest of the region, making Hong Kong as the FinTech Hub of Asia.” he said.
TNG already distinguished itself from its competitors by allowing users to transfer money from their e-wallet to any bank in Hong Kong. Users can also withdraw cash 365 days a year at outlets conveniently situated along the MTR and railway lines; some of these outlets open to midnight, giving users even greater flexibility.
The TNG e-wallet brought about a major boost to two of Hong Kong’s largest trade and industry fairs open to the public. As the sole e-ticketing platform at the recent Hong Kong Book Fair and Hong Kong Food Expo, TNG was a big success as over 60,000 e-tickets were sold within days and large crowds were admitted without the need to queue.
Going forward, TNG will focus on broadening its network of merchants, focusing on the food and beverage, retail, public transport and healthcare sectors as part of its mission to develop the next generation cashless e-payment society.
Mr. Alex Kong, Founder and CEO of TNG, said: “The SVF Licence is a major milestone in our quest to develop a secure, world-class mobile e-payment ecosystem. Our vision is to facilitate the seamless migration to the cashless digital lifestyle; one that is secure, fast and convenient.”
“TNG is proud to support small businesses and industries. We are confident that our cashless payments will bring tangible benefits to local companies that have hitherto been under-served by banks and credit card providers, and help them engage more closely with consumers who have converted to e-payments,” he added.
TNG intends to leverage on its success in Hong Kong to launch similar e-wallets in various parts of Asia, as part of its plan to build a regional cashless ecosystem. TNG recently won the Gold Award (Emerging Internet Finance Company Category) in the Hong Kong Internet Finance Awards 2016, and the top prize in Finnovasia 2016.
TNG is also the only e-wallet operator, and one of only eight FinTech companies from around the world, selected to participate in Accenture'sFinTech Innovation Lab Asia Pacific, a collaborative accelerator event between Accenture, a group of supporting banks and twelve principal financial institutions, namely: Bank of America Merrill Lynch, BNP Paribas, Commonwealth Bank of Australia, Credit Suisse, Generali, Goldman Sachs, HSBC, J.P. Morgan, Maybank, Morgan Stanley, Sun Life Financial and UBS.
1. Based on total e-wallet application downloads and installations counts in Nov 2015