Hong Kong Fintech Firm Launches No Fee Money Transfer

(Picture Shutterstock)

(Picture Shutterstock)

E-wallet operator TNG Wallet has rolled out a free real-time cross-border money transfer service from Hong Kong to 12 Asian countries. The firm now has plans for global expansion.

Users of the TNG Wallet App can transfer money free of transaction fees to 800 banks across 12 Asian countries, including Singapore, China, India and most Southeast Asian countries.

Breaking Traditional Infrastructure

Compared to the traditional three working days via banks, TNG claims the transaction will take from as little as 15 minutes to one working day via its App. Users in the 12 countries will be able to instantly withdraw money at more than 190,000 cash pickup points.

For now the global money transfer service is only available to TNG's Super VIP users, who are simply required to open an account in person using the same procedure at banks.

Chief executive Alex Kong (pictured) said TNG will only charge a foreign exchange spread of several basis points.

Alex Kong 509

«Having begun as a homegrown eWallet, TNG is introducing major new features and embarking on an exciting regional expansion. We are leveraging on our success in Hong Kong to roll out a global roadmap to accelerate our mission to build a global cash-less and card-less eco-system, and to facilitate the adoption of a truly digital lifestyle,» Kong added.

Global Bill Payments

TNG also offers more favorable exchange rates to users when they buy 16 types of foreign currencies at real- time online transactions. Users can collect purchased currencies from 27 local foreign exchange outlets within three days, located along the MTR and railway routes.

Many of the outlets operate until midnight, 365 days a year. Hongkongers with homes overseas can also pay 14 types of bills through the app without transaction fees, including electricity, internet, water and telecom.

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