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CIMB Lets Customers Apply For Fully-Online Loans Through Touch n’ Go eWallet

CIMB Group Holdings has enlisted the services of the Touch n’ Go (TNG) to offer users Malaysia’s first fully electronic personal loan service that will allow them to borrow funds for as low as RM100 to RM10,000.

According to TNG, the repayment period for these loans, dubbed GOpinjam, via the Touch n’ Go eWallet can take about a week to a year with no hidden fees of early settlements. In an effort to further promote inclusion and accessibility of this service to more people, potential borrowers will be required to have a minimum monthly income of RM800 to utilize GOpinjam.

Effendy Shahul Hamid, Group CEO of TNG, reveals he expects GOpinjam to be available to those have not been able to access formal credit facilities. "We researched the landscape thoroughly before building GOpinjam and I feel we've come up with a proposition that delivers significant value to our users, at the same time address the pain points of current personal lending propositions.

"We will take feedback post launch and continue to improve with the goal of making this the go-to product for this segment.

Meanwhile, CIMB Group’s Group CEO Datuk Abdul Rahman Ahmad also commented on GOpinjam being in line with the bank's long-term strategy and intent for TNG, and to allow it to develop into one of Malaysia's leading non-bank digital financial services providers.

"We believe GOpinjam also addresses the government's push towards a more cashless and inclusive society, an area that both CIMB Group and Touch 'n Go Group fully support."

GOpinjam is available to Malaysian citizens above 21 years old on the TNG e-wallet app now.


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