TNG eWallet users now have more options when seeking loan services on the platform. TNG Digital, the app’s operator, has announced a partnership with GXBank. Through this collaboration, the digital bank’s FlexiCredit offering has been integrated with the platform’s CashLoan feature, allowing for better access to regulated financing.
According to the company, this move aims to make it easier and faster for Malaysians to obtain these services, particularly those with limited credit history. Among the hurdles faced by these groups are eligibility requirements and additional application steps. The integration removes such barriers, as TNG eWallet users need not open a separate Current Account Savings Account (CASA). Instead, they can simply apply via CashLoan.
Introduced back in 2024, FlexiCredit operates differently from conventional loans. As it is a revolving credit line, users do not need to reapply each time. Instead, customers are granted a credit limit they can draw down whenever the need arises. To put it plainly, you take what you use instead of the full lump sum upfront. Then, as you repay the funds, the credit limit replenishes. Essentially, the idea here is to allow for responsible borrowing that aligns with the user’s cash flow.
On the subject of credit limit, FlexiCredit offers a maximum of RM150,000. Meanwhile, repayment tenures range from six to 60 months. Finally, the digital bank promises competitive flat interest rates from 3.78% p.a. (EIR 6.45% p.a.).
Now, there is a catch. Since the loan is offered through CashLoan, users can’t exactly freely choose the offer. When submitting an application, the app will display a package that best matches the requested financing amount and tenure. The offer is based on the bank’s qualifying criteria as well as other mandatory regulatory requirements. As outlined on the website, you will have to be a Malaysian citizen aged between 18 and 64 years to qualify. And in the case of the FlexiCredit loan, you will need to have a minimum monthly income of RM1,500.
Aside from GXBank, providers include Alliance Bank, Bank Rakyat, and CIMB. In any case, the feature is accessible via the Gofinance section of the TNG eWallet app.
(Source: TNG Digital press release)
