TNG Digital Sdn Bhd, the company and owner of the TNG eWallet, announced that it plans on implementing eKYC for all customers using its service, shifting from a stance of encouragement to mandatory implementation.
One proven benefit that TNG Digital touts with eKYC is the reduction of fraud; by making key security and verification features such as facial recognition a critical requirement, it could reduce the potential for fraud by 90%. Not only that, but it also claims that it will have the bragging rights of being one of the first eWallets in the country to implement a 100% eKYC security solution for its service.
To that end, TNG Digital is making it clear that it is implementing the eKYC by the end of this year and more specifically, between Q3 and Q4. As mentioned at the start of the article, whether its customers like it or not, they will need to fall in line with the upcoming security requirements. To put it in another way: either get with the program or lose access to many of the privileges the eWallet offers.
On a related note, TNG Digital did acknowledge that while there will be some resistance, it says that at least 77% of its customers have already verified themselves as eKYC users.
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