TNG eWallet and UNHCR sign MOU on World Refugee Day to enhance financial inclusion for refugees in Malaysia

TNG Digital Sdn. Bhd. ('TNG Digital'), Malaysia's largest integrated fintech player and operator of TNG eWallet, has joined forces with UNHCR, the UN Refugee Agency to bridge the financial inclusion gap for refugees and asylum-seekers by signing a Memorandum of Understanding (‘MOU’). This collaboration, announced in conjunction with World Refugee Day, aims to tackle the challenges of financial inclusion faced by the underbanked and underserved refugee and asylum-seeking communities in Malaysia.

As of end May 2024, there are some 189,340 refugees and asylum-seekers registered with UNHCR in Malaysia. The majority are refugees and asylum-seekers from Myanmar, from conflict-affected areas or fleeing persecution. The remaining are refugees and asylum-seekers from 50 countries fleeing war and persecution, including Pakistanis, Yemenis, and Afghans.

For these communities, access to essential financial services remains a significant hurdle in Malaysia.

Alan Ni, the Chief Executive Officer of TNG Digital, conveyed his heartfelt enthusiasm, stating, "We are dedicated to advancing financial inclusion for all, especially the underbanked and underserved. By joining forces and harnessing the unique strengths and resources of both TNG Digital and UNHCR, we aim to empower refugee communities with the financial tools they need to build stable, self-sufficient lives. This initiative not only supports refugees but also contributes to Malaysia's economic growth by fostering a more inclusive and resilient financial ecosystem.”

UNHCR Representative in Malaysia, Thomas Albrecht added, “Refugees face many constraints when it comes to accessing financial services. Without such access, they cannot fully participate in a country’s economy or build a stable life for themselves and their families, and are vulnerable to exploitation.”

“Encouraging self-reliance through economic and financial inclusion is a key component of achieving protection and long-term solutions for refugees. UNHCR is deeply appreciative of this partnership with TNG Digital in strengthening our work to meet these aims.”

This partnership seeks to significantly improve access to critical financial services for communities that are underserved and lack adequate banking facilities. By providing refugees with access to digital financial services and improving financial literacy, the initiative aims to stabilise refugee communities financially, empowering them to contribute to the Malaysian economy. Enhanced financial inclusion can lead to greater economic participation and integration, benefiting both refugees and the broader Malaysian society.

The collaboration aligns with the Malaysian Government and global efforts to achieve financial inclusion and promote economic empowerment among vulnerable populations, ultimately fostering a more inclusive and prosperous Malaysia.

To learn more about TNG Digital’s effort in driving financial inclusion, visit here.