TNG Digital Sdn. Bhd. (TNG Digital), one of Malaysia fintech players and operator of TNG eWallet, has partnered with UNHCR, the UN Refugee Agency, to bridge the financial inclusion gap for refugees and asylum-seekers in Malaysia. The partnership was formalised through a Memorandum of Understanding (MOU) signed in conjunction with World Refugee Day.
The collaboration aims to address the financial challenges faced by the underbanked and underserved refugee and asylum-seeking communities in Malaysia.
As of the end of May 2024, there are approximately 189,340 refugees and asylum-seekers registered with UNHCR in Malaysia. The majority are from Myanmar, fleeing conflict and persecution, while others come from over 50 countries, including Pakistan, Yemen, and Afghanistan.
TNG Digital, Chief Executive Officer, Alan Ni, said “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 highlighted the difficulties refugees face in accessing financial services. “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,” said Albrecht.
“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,” Albrecht added.
This partnership aims to significantly improve access to essential financial services for underserved communities lacking adequate banking facilities.
By providing refugees with access to digital financial services and improving financial literacy, the initiative seeks to stabilide 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.
