MALAYSIA, 21/11/2024 (Asia News Channels) - TNG Digital has announced that electronic Know Your Customer (eKYC) verification will be mandatory for all TNG eWallet users starting December 20, 2024. The move aims to enhance platform security, improve access to additional features, and align with regulatory requirements.
The initiative, initially revealed earlier this year, provided users a 10-month period to complete account verification. Verification can be done through the TNG eWallet app by submitting a photo ID and a selfie. Malaysians can use MyKad or MyTentera for this process, while international users can verify with a passport.
Verified users will benefit from advanced security measures such as a Money-back Guarantee for unauthorised transactions. They will also gain access to features including higher wallet limits and the ability to transfer funds to others. Users who fail to verify their accounts will face restrictions, starting with reduced wallet limits and limited access to basic services like payments, tolls, NFC top-ups, and RFID. Unverified accounts will eventually be deactivated entirely.
New users will need to complete eKYC during registration, while existing users are advised to verify their accounts before the deadline to avoid service disruptions.
TNG Digital highlighted that eKYC not only strengthens user security but also helps combat fraud by identifying and eliminating mule accounts.
Alan Ni, Chief Executive Officer of TNG Digital, stated, “Implementing full eKYC is a bold and necessary move, making us the first eWallet to take this step because protecting our users is non-negotiable. This measure is crucial in enhancing platform security and reducing the risk of account takeovers. Our strong commitment to safety has enabled TNG eWallet to maintain a significantly low fraud rate—90% lower than the average fraud rate for card payments in the market.”
This development underscores TNG Digital’s efforts to enhance security and regulatory compliance in Malaysia’s growing digital payment landscape.
-- ASIA NEWS CHANNELS