TNG Wallet, one of Hong Kong’s top five digital wallets, announced a partnership with convenience chain 7-Eleven, making payment and cash withdrawal services available around the clock at more than 900 locations in Hong Kong.
The collaboration makes TNG Wallet the first digital wallet to provide cash withdrawal services in Hong Kong. This advanced service, together with top-up and payment, is limited to verified SVIP and VIP customers.
Users can make cash withdrawals of between HK$100 and HK$500 each time with no daily limit for withdrawals. They can also make cash withdrawals up to HK$50,000 each in 24 currency exchange shops. This brings TNG Wallet’s global cash pick-up points to over 180,000.
To open an SVIP account, users need to apply in person and the process takes a few minutes. To register for a VIP account, users only need to upload their ID card copy digitally through the TNG Wallet platform.
“We provide the cash withdrawal service for free,” said Alex Kong, founder and chief executive of TNG Fintech. He said 7-Eleven charges for the service but he said TNG will not pass the cost to users.
TNG has a Stored Value Facilities license issued by the Hong Kong Monetary Authority in August 2016.
Kong focuses on chain stores and market vendors as targets of expansion. As a concession to merchants, TNG is offering the first HK$10 million transactions via digital wallet free of charge.
The TNG Wallet app, which allows cross-border money transfer, is available for download in 13 countries in Asia. However, in China, users can only remit money into the country but not the other way around.
Recognizing the huge potential in the region, Kong expects the app to operate in more than 100 countries by the end of the year.
“There are 1.4 million people in Hong Kong who don’t have a bank account, and among the 12 regions in Asia in which TNG Wallet operates, 1.2 billion people are still unbanked,” Kong said. He said TNG’s user base has reached 630,000, of whom more than 100,000 are foreign domestic helpers.
Nearly two years after launch, the total value of transactions of TNG Wallet has crossed US$1 billion. In June, the transaction value was US$77.23 million. The average account balance of verified users is about HK$2,000.
TNG is poised to close a series A funding round and the fund raised would be used for potential partnerships with public transport operators.
The company is generating profits every month, and is targeting a listing in either New York or Hong Kong in three years, Kong said.
This article appeared in the Hong Kong Economic Journal on Aug. 31
Translation by Ben Ng
[Chinese version 中文版]
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