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Tag: TNG

  • Hong Kong’s TNG FinTech to launch e-wallet in UK

    Hong Kong’s TNG FinTech to launch e-wallet in UK

    TNG FinTech Group has extended its global money transfer partnership with Tranglo Europe to cover the UK.

    TNG will invest $20 million to launch a local electronic wallet in the UK, becoming the first Asian FinTech company to access the European market with a next-generation financial services offering.

    With the service launch, TNG users will be able to make secure and instant money transfers in and out of the UK.

    Outbound remittances from the UK were estimated by the World Bank to be approximately £16.5 billion ($174.29 billion) last year, with the lion share flowing to Asia and the Middle East.

    The agreement builds on TNG’s existing partnership with Tranglo covering Asian markets. Tranglo is a payment gateway with money service business licenses for the UK, Malaysia, Singapore and Indonesia.

    TNG is reporting double-digit growth in monthly transaction volumes month-to-month. The company generated over US$1 billion worth of transactions in the first two years of launch, and last year raised a record US$115 million during a Series A funding round. The company secured a stored value facilities license from the HKMA in August last year.

    “As a global market leader with the “know-how” to roll out e-wallet platforms, we will ride on the success of TNG Wallet in Hong Kong and duplicate our expertise and experience in Europe, TNG CEO Alex Kong said.

    “The launch of the UK e-wallet will demonstrate TNG’s continued innovation to meet the needs of UK consumers initially, and then expanding to the rest of Europe.”

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  • Hong Kongs’s TNG Wallet launches Merchant Dollars

    Hong Kongs’s TNG Wallet launches Merchant Dollars

    Hong Kong digital wallet provider TNG Wallet has launched Merchant Dollar, a new service allowing merchants to issue designated dollars under their own brands.

    Merchant Dollar will allow TNG Wallet users to purchase multiple types of branded Merchant Dollars in advance to be able to make purchases in designated stores without the need for cash, credit cards or coupons. Merchants will also be able to offer consumers special offers to entice them to purchase Merchant Dollars.

    To promote the launch of the new offering, TNG has teamed up with Crostini to launch an offering allowing every purchase of Crostini Dollars over HK$100 to gain a 10% bonus per Hong Kong dollar spent.

    “TNG Wallet is pleased to have Crostini under our merchant umbrella. With the launch of Merchant Dollar, our merchant partners can enjoy improved business cash flows and wider options in marketing to promote customer loyalty. The advantages of Merchant Dollar opens up a win-win-win business playing field,” TNG Wallet founder and CEO Alex Kong said.

    “Nowadays electronic payment is a significant trend within the financial technology field. With increasingly mature e-wallet functions, the introduction of merchant dollar creates a new payment method, which is expected to lead the paperless payment to a brand new stage.”

    He said TNG Wallet is in active negotiations to introduce Merchant Dollars from other merchants.

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  • Hong Kong Issues First Licenses For Stored Value Facilities

    Hong Kong Issues First Licenses For Stored Value Facilities

    Though its population of 7.5 million is equal to that of a mid-size mainland Chinese city like Hangzhou, Hong Kong makes up for lack of people with strength in its financial markets. And news today that the Hong Kong Monetary Authority has issued stored value facilities licences is big news.

    HKMA has granted stored value facilities licenses to five companies under the Payment Systems and Stored Value Facilities Ordinance: Alipay, Octopus, TNG, Money Data, and HKT Payment. Octopus’ license is effective November 13, 2016, but the other firms have effective licenses from today, August 25.

    “The grant of the first batch of licenses for SVF issuers is turning a new page in the retail payment development in Hong Kong,” Norman Chan, CEO of HKMA.

    The Ordinance commenced operation on November 13, 2015. Under the Ordinance, the HKMA is empowered to implement a mandatory licensing system for multi-purpose stored value facilities and perform relevant supervision and enforcement functions.

    A one-year period is allowed for existing issuers of stored value facilities or new market operators to apply for stored value facilities licenses from the HKMA.