After more than two years on the job, TNG Digital CEO Ignatius Ong has resigned from the company. It was reported by A+M that he is leaving on the 31st March 2022 due to personal reasons. The company has appointed its current COO Alan Ni as the next CEO effective 1st April 2022.
Before joining TNG Digital, Ignatius was the CEO at Firefly Airlines from 2011 to 2018. He was also the Group Chief Revenue Officer for Malaysia Aviation Group (MAG). In August 2019, he succeeded Syahrunizam Samsudin as the CEO of TNG Digital.
Ignatius’ successor, Alan Ni, joined TNG Digital in August 2018. He was the former Senior Managing Director, Group Head of Retail Risk at CIMB where he oversaw overall retail risk management for CIMB Group. Alan was also the former Country Credit Head for Malaysia at Standard Chartered Bank and the CMO at GE Capital, Indonesia.
Touch ‘n Go Group told A+M that the leadership transition is expected to take place smoothly with no changes to the company’s strategy and business plans. TNG Digital is the company behind the Touch ‘n Go eWallet, and it is a joint venture between CIMB’s Touch ‘n Go and Alibaba’s Ant Financial Group.
Over the past few years, Touch ‘n Go eWallet has emerged as one of the biggest eWallet players in the country and it claims to have over 16 million registered users and more than 360,000 merchants. It was one of the first eWallets to support DuitNow QR and they have also rolled out an investment product called Go+. In July last year, TNG Digital is valued at about RM3 billion after AIA Group joins in as their fourth shareholder.
Touch ‘n Go eWallet is currently the sole payment method for RFID, which is seen as the key driver for Multi-Lane Free Flow (MLFF) for toll highways in the country. Despite the push to go fully digital with QR-based payments and RFID, Touch ‘n Go has recently announced plans to introduce a newer physical TNG card that will allow users to top-up via NFC. The Works Ministry has said that the government aims to phase out TNG card and SmartTAG use for highway toll payments by the end of 2023.
The company has also announced plans to introduce a Visa prepaid card this year. This would allow TNG eWallet users with a physical Visa card to make payments at over 70 million merchants worldwide.
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