Hong Kong digital wallet service TNG Wallet has partnered with convenience chain 7-Eleven to make top-up, payment and cash withdrawal services across more than 900 of the chain's outlets in the city.
The latest agreement brings TNG Wallet’s global cash pick-up points up to over 180,000.
Holding a Stored Value Facilities license issued by the Hong Kong Monetary Authority (HKMA) in August 2016, TNG has not limited its influence and ambitions to Hong Kong.
Since its founding in 2012, it has built a service infrastructure and network that offers a number of financial services including global remittance, person-to-person (P2P) money transfer, global bill payment, global SIM card airtime top-up, foreign currency exchange and purchase, and cash withdrawal.
Karen Lam, e-business and service controller for 7-Eleven in Hong Kong and Macau, called the collaboration a ground breaking convergence of retail and Fintech. She believes that this collaboration will upgrade its customers’ in-store experience.
TNG Wallet allows users to make cash withdrawals of up to HK$500 ($63.90) for each time anytime at any 7-Eleven store in the city. 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.
TNG’s financial inclusion ambition extends beyond the borders of Hong Kong. To date, 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.
“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,” Kong added.
First published in FinTech Innovation