TNG eWallet introduces Principal® Private Retirement Schemes (PRS) to help their users build retirement savings
Target Date Funds, the first-of-its-kind in Malaysia make saving for retirement simple and hassle-free
Kuala Lumpur, 25 November 2024 – TNG Digital Sdn. Bhd. ('TNG Digital'), Malaysia's largest integrated fintech player, in collaboration with Principal Asset Management Berhad® (“Principal® ”), introduced the Principal® PRS on TNG eWallet, as part of their continuous financial inclusion efforts to help more Malaysians build sufficient retirement savings with ease and security.
Integrated within the GOfinance application as the “Retire” option, the Principal® PRS Target Date Funds (“Funds”) empowers TNG users to complement their mandatory retirement savings. These Funds are managed toward a particular target date year based on when the investor is expected to start withdrawing money from the portfolio to support their retirement needs.
With a minimum contribution of RM100 and investment options tailored to individual retirement ages and goals, users can choose either a Shariah-compliant or conventional fund, which progressively shift from aggressive to conservative investments as users near retirement, aligning with their changing risk tolerance.
Alan Ni, Chief Executive Officer of TNG Digital, emphasised, “Our goal is to make financial security accessible and achievable for every Malaysian. By adding the Principal® PRS to GOfinance, we are offering over 22 million TNG eWallet users an easy, reliable way to actively plan for a comfortable retirement. Together with Principal® , our long-time partner, we’re providing a robust and safe investment path that not only complements current savings but strengthens users’ long-term financial resilience.”
Contributions can be made directly through the TNG eWallet or Financial Process Exchange (FPX) with a competitive sales charge of 1.5%, which help make saving for retirement both easy and accessible. Additionally, users can enjoy up to RM3,000* in tax relief, adding further value to their retirement commitment.
Munirah Khairuddin, chief executive officer of Malaysia and Global Shariah, Principal said, “We launched our Target Date Funds (TDF) in 2022, and we are very excited to bring this into the TnG ecosystem. This innovative PRS solution is the first-of-its-kind in Malaysia and leverages on our global expertise in asset allocation.
She added, “It's never too early to start building your future and the TDF makes it easier than ever. The TDF is a hassle-free solution with an asset allocation glide path which takes into account the investor’s age and expected year of retirement. The investments are allocated into more aggressive, growth focused strategies during the investors’ younger years when they can afford to take more risks. As the investors ages, the investments are gradually rebalanced to more moderate strategies as they age and approach their retirement. This way, the investor doesn’t need to worry about proactively managing or rebalancing their investments in PRS – just stay consistent with your contributions, and let the fund do the heavy lifting for you,” she concluded.
This latest addition to GOfinance is one of the many financial services solutions designed to empower Malaysians to make informed financial decisions. With a comprehensive suite of convenient, secure, and rewarding financial services products within TNG eWallet, TNG Digital is committed to helping users manage their finances effectively and plan for a secure future.
Start exploring PRS in TNG eWallet today by visiting https://www.touchngo.com.my/goinvest/principal/
Disclaimer: The information in this document has been derived from sources believed to be reliable, however, we do not independently verify or guarantee its accuracy or validity. It contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor's investment objectives, particular needs, or financial situation. Investors should consider whether an investment fits their investment objectives, particular needs, and financial situation before making any investment decision.
The data presented is for information purposes only and is not a recommendation to buy or sell any securities or adopt any investment strategy. This material is not intended to be relied upon as a forecast, research, or investment advice regarding a particular investment or the markets in general, nor is it intended to predict or depict performance of any investment.
All expressions of opinion and estimates in this article are subject to change without notice. This article is not intended to be, nor should it be relied upon in any way as a forecast or guarantee of future events or investment advice regarding a particular investment or the markets in general. This article has not been reviewed by the Securities Commission Malaysia.
*valid until 2030
About TNG Digital Sdn Bhd
Established in 2017, TNG Digital, the operator of TNG eWallet, is Malaysia’s largest and leading fintech company, with more than 22 million verified users. We facilitate payments for over 2 million merchants in Malaysia, allow cross-border payments in more than 40 countries, as well as international payments through our partnership with Visa. Our full suite of products also include financial services such as investments, lending and credit, remittances, and insurance.
Our products aim to foster financial inclusion and empower users and merchants alike, both in physical and online payment ecosystems, by facilitating broader financial accessibility. Users can also enjoy the nation's largest loyalty programme, designed to enrich users' experiences by rewarding them with redeemable points for exciting perks. For more information, please visit www.touchngo.com.my/ewallet/
About Principal® Malaysia
Principal Asset Management Berhad® (Principal Malaysia® ), is a joint venture between Principal Financial Group®, a member of the FORTUNE 500® and a Nasdaq-listed global financial services company and CIMB Group Holdings Berhad, one of Southeast Asia’s leading universal banking groups.
Established on 13 June 1994, Principal Asset Management Berhad® is headquartered in Malaysia with footprint across Indonesia, Thailand, and Singapore. In Malaysia, as of June 2024, the company serves more than 3 million investors with unit trusts, retirement schemes, discretionary mandates, and asset management solutions to help make financial security accessible to more investors.
Principal® is committed to expanding the population of those living in financial security, doing so through long-term, responsible actions, and creating opportunities for generations to come. For more information, visit www.principal.com.my or follow us on www.facebook.com/PrincipalAssetMY/.
Principal® , Principal® and symbol design are trademark and service marks of Principal Financial Services® , Inc. a member of the Principal Financial Group®.