TNG is Hong Kong’s first licensed eWallet to offer cross-border financial transactions.
12 countries across Asia will now have the ability to transfer money at the tap of an app. The company held its TNG 3.0 product launch and press conference on 28th September at the Hong Kong Convention & Exhibition Centre. The update of the ewallet has caused a stir given that it is the first Hong Kong eWallet to allow instant Global Money Transfers, without transaction fees. The TNG app also allows transfers for up to 16 currencies and Global bill payment support for 14 service categories.
In order to filter out money launderers and potential terrorists, users have to show their identity cards to transfer HK$10,000 plus or for larger sums such as the maximum of HK$1000,000, undergo an interview and background check.
Real time global money transfer
One of the key features to the TNG 3.0 app is that users can transfer money from their TNG app to over 800 banks across 12 countries. Given that up to 80% of the population do not have bank accounts, the users will be able to withdraw cash immediately at more than 190,000 cash pick-up points subject to verification of identification initially.
The interesting feature to this app is that there is no transaction fee for users and TNG have promised very promising exchange rates. Whether their interesting rates include hidden charges or not will be a different story!
Real time FX
With real time foreign exchange another aspect of the TNG 3.0, the app is looking very attractive. Users can handle money in 16 foreign currencies at very favourable exchange rates compared to traditional channels. With 27 outlets in Hong Kong situated along the MTR and railway routes where currencies can be collected within 3 days. Most outlets will operate until midnight, 365 days a year ensuring that the TNG user much greater flexibility compared to banks.
Alex Kong, TNG Wallet’s chief executive said that the company would be launching apps in 12 Asian countries including mainland China. A first, making it the first licensed e-wallet in Hong Kong.
Kong said; “Once you’re verified with us, you can send money anywhere, anytime. You don’t need to go to the bank and fill in the same stupid form,”
His plan is to make TNG the premiere e-wallet, not only in Hong Kong, but the entire Asia region.
The availability of the TNG apps allowing cross-border money transfers are available for download in Nepal, Bangladesh, Thailand, China, Vietnam, The Philippines, Indonesia, Malaysia, Sri Lanka, India and Pakistan from Tuesday and Singapore later in the year.
With the market looking so positive for the trader, it’s key to remember that although exchange rates are ‘promising’, it’s difficult to always tell if you’re getting the best deal. If you’re unsure, submit your quote to WhichFX where you will receive the best deal without any hidden fees or unwanted extras. Be sure to know what you’re getting from your money transfer and watch out for hidden fees!