TNG Wallet Partners with 7-Eleven Hong Kong to Launch 24 × 7 FinTech Servicesby Fintech News Hong Kong September 1, 2017
TNG Wallet, Hong Kong’s e-wallet, announces its partnership with 7-Eleven Hong Kong to launch 24×7 payment and cash withdrawal services in Hong Kong. Consumers are able to pay for purchases using TNG Wallet at all 7-Eleven stores in Hong Kong and verified TNG Wallet users will be able to withdraw cash from their TNG Wallet accounts thereafter.
Combined with TNG’s existing top-up service at all 7-Eleven stores, TNG Wallet now offers financial technology (“FinTech”) services that are available 24 hours a day and 7 days a week, with services that include top-up, cash withdrawal, and payment. This collaboration makes TNG Wallet the only e-wallet to provide cash withdrawal service in Hong Kong, which will also increase TNG Wallet‘s global cash pick-up points up to over 180,000.
TNG Wallet secured the Stored Value Facilities licence from the Hong Kong Monetary Authority in August 2016. Since then, it has successfully built a global FinTech service infrastructure and network in just one year, providing services that include global remittance, person-to-person (P2P) money transfer, global bill payment, global SIM card airtime top-up, foreign currency exchange and purchase, cash withdrawal and so on.
Leveraging the most powerful convenience store network of 7-Eleven and its 24×7 operations, TNG Wallet empowers its users to make cash withdrawals (up to HK$500 for each withdrawal) anytime at any 7-Eleven store. Users can also make purchases using TNG at all 7-Eleven stores. Advanced service such as cash withdrawal is limited to verified SVIP and VIP users. Users can register for a SVIP account through a simple face-to-face identity process that takes around 15 minutes, whereas to register for a VIP account, users only need to upload their ID card copy digitally through the TNG Wallet platform.
Mr Alex Kong, Founder and CEO of TNG Wallet , says,
“TNG Wallet, with a large registered user base, has been downloaded over 600,000 times thus far. User experience is a priority to us. By pairing 7-Eleven’s extensive store network with the strong functionalities and convenience of TNG Wallet, we aim to make financial transactions as easy and as user-friendly as possible. In addition, we can now provide a very reliable and accessible 24×7 channel, especially for those in sub-urban areas that do not have financial services infrastructure.”
“We are thrilled to strengthen our partnership with TNG Wallet,” says Ms. Karen Lam , E-business and Service Controller of 7-Eleven Hong Kong and Macau . “It is a strong combination and a ground-breaking convergence of retail and FinTech. I greatly believe in the value of TNG Wallet’s partnership, which is expected to upgrade our customers’ in-store experience.”
TNG Wallet has established a mature cash withdrawal network beyond Hong Kong, which covers 13 countries, including China, Singapore, Australia, Malaysia, India, Thailand, Indonesia, the Philippines, Pakistan, Bangladesh, Vietnam, Sri Lanka and Nepal. Verified TNG Wallet users can remit money instantly to anyone in the above countries with or without a bank account, and recipients receive money into their bank account or receive / withdraw cash from over 180,000 cash pick-up points globally.
Mr. Herman Lam, CEO of Hong Kong Cyberport , comments:
“As a Cyberport incubatee, TNG Wallet attaches great importance to financial inclusion, whereby digital technology is playing a contributory role to make things happen. We are glad to see their efforts bear fruits. It is also Cyberport’s ongoing initiative to support digital tech entrepreneurs for the betterment of Hong Kong. To help popularise digital payment, we have collaborated with TNG Wallet to provide electronic tenant bus tickets, and the result is encouraging. Looking ahead, we hope to see Hong Kong’s FinTech startups craft an even brighter future by effectively unleashing its vibrant potential.”
“We are accelerating our pace to build a global e-wallet FinTech service network, and paying close attention to different technological and business development opportunities, especially in countries along the ‘One Belt, One Road’ route. On top of laying a solid foundation for TNG’s long-term overseas business expansion, it is also our mission to bring digital financial services to a wider range of people”, Mr. Kong adds.