“Ah Long Berlesen” Touch ‘n Go GOpinjam : Interest Rate Can Go As High As 36% Per Annum – The Ceiling Interest Rates Charged By The Real ‘Ah Long’ Is Only 18% !

Touch ‘n Go Group today launched GOpinjam, a digital personal loan service accessible through the Touch ‘n Go eWallet app. The new service is the first time a digital lending solution is being offered by TnG eWallet, having previously introduced financial service propositions in investments (GO+) and insurance.

Developed in partnership with CIMB Bank Berhad, GOpinjam is supported by CIMB’s e-Zi Tunai Personal Loan, offering personal loans from as low as RM100 to a maximum of RM10,000, to users aged 21 to 63 years old.

The repayment period for these loans can range from one week to one year, with no hidden fees or early settlement charges. Fixed interest rates do apply, and they vary from 8% to 36% per annum, depending on the loan tenure.

It should be noted that potential borrowers will require a minimum monthly income of RM800 to gain access to GOpinjam. First-time users who wish to apply will need to submit either a one-month payslip or latest EPF statement along with some basic information for the loan application.

As for returning users, the process is simpler, requiring only verification of the application info (taken from the previous application). Once an application is approved, users will be notified through the TnG eWallet app and the funds will be disbursed either into their e-wallet or CIMB bank account.

The entire process is done digitally through the app, so there’s no need to visit a bank counter. Users can also apply for more than one loan under GOpinjam, so long as each loan amount does not exceed the cap of RM10,000.

“This is a true market first. We researched the landscape thoroughly before building GOpinjam and I feel we’ve come up with a proposition that delivers significant value to our users, at the same time address the pain points of current personal lending propositions,” said Effendy Shahul Hamid, CEO of Touch ‘n Go Group.

“The financial inclusion element was always at the forefront of our thinking, and we expect GOpinjam to be available to those who otherwise would not have been able to access formal credit facilities,” he added.

Tengku Zafrol endorsed China’s Ah Long business model

If the failed RFID launching by CIMB’s subsidiary, Touch n GO Sdn Bhd is not enough, subsidiary to TNG, TNG Digital Sdn Bhd launched GOpinjam with interest rates comparable to any local loanshark or Ah Long is another dangerously reckless initiative from the same company.

The ceiling interest rates charged by Ah Long made legit by PH government under the Ministry for Housing and Local Government (KPKT) is 18%. However, GOpinjam stated interest rates in their website here ranged between 8-36%!

In the Q&A on the TNG Digital website, they do not claim the outright usury or riba rate as syariah compliant. However, they are …

… currently looking at rolling out Islamic financing via TNG eWallet. We must ensure that we are in full compliance with the Shariah requirements before we roll it out to customers. Hence, it will take some time before it’s made available.

Salahuddin posed the question whether the Minister of Finance, Dato Seri Tengku Zafrol Aziz is serious in helping the rakyat through their difficulties arising from the recent calamities and disastrous lockdowns and emergency implemented by previous Prime Minister, Tan Sri Muhyiddin Yassin.

Or government has turned to be be as opportunistic and vulture as any Ah Long.

The message on the placard held by the Minister of Finance at the launch on April 1st certainly sounded like an Ah Long’s take it or leave it offer. Will a default result in broken wrist or ankle to the borrower?
GOpinjam offer personal loans from as low as RM100 to a maximum of RM10,000, to users aged 21 to 63 years old with repayment period ranging from one week to one year. Correspondingly, the rates vary too.

Their sales pitch is there is no hidden fees or early settlement charges. Upon approval and notification, money will be disbursed into either their e-wallet or CIMB bank account.

Similar to any Ah Long, the process is simple. It only require verification of the application info. Similar to the concern of infringement in private data protection by RFID, the prior application will mean risk of revealing private information to foreign and non-bank companies.

In Indonesia, the leak in private data involving Fintech has resulted in rampant scamming involved in forex, online borrowing, robot trading and others. Despite various precautions to the public, the illegal activities still persist. Malaysian authorities are not renown for being efficient in either taking pre-emptive measures or enforcing the law.

To the American, Ant Group presents a security risk. Another area Malaysian politicians couldn’t care less.

The presence of the Minister of Finance at the launch, CIMB being his former employer, and logo of the government of Malaysia and Bank Negara Malaysia at the bottom of its website only indicate his endorsement to an Ah Long business model and introduction to a potential financial contagion problem.

China banned Ant Group and pressured Ali Baba for giving out overly high interest loans.

But yet instead of showing willingness to assist the helpless public to withdraw their EPF, MOF could approve an application and have a GLC collaborate in a business of questionable model to legitimise the suppress rather than protect the public.

Do not be surprise a repeat of Tabung Haji in which financial parasites in Islamic headgear would do syariah gymnastics to justify this usurious consumer loan with Islamic sounding terms.


Sosmed is already labelling Zafrol’s as Minister of Banking for his myopic understanding of his role as Minister of Finance. His endorsment of GOpinjam and Ant Group business model proves otherwise.

One banker claimed he is not a real banker in this message below:

Can you please advice bloggers and netizens not to attack Zafrol by virtue of him as having been a banker. He is not a real banker. The whole industry knows he only got his top jobs in the banking industry because he knows how to lobby. By calling his failure as Finance Minister because he is banker brings disrepute to all the real banker out there.

His colleagues at Avenue Capital have long described him as “everytime he fails he moves up”. It is certainly a classic case of rising to the level of incompetency.

He is seen as an aloof and selfish aristocrat whose too distant from the life of the common folks and lacked any apathy for the downtrodden due to the economic fallout of the administrations he was involved.

Words heard from among corporate watchers and business people is that Zafrol is in cahoot with Tan Sri Muhyiddin in an endeavour that will cause permanent and irreparable destruction to the country in similar vein as Indonesia and Phillipines faced after Suharto and Marcos.

Its no more about politics and political parties.



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