Kuala Lumpur-based Principal Asset Management has expanded its Shariah digital investment portfolio in collaboration with the Touch ‘n Go e-wallet, building on its commitment to digital-driven financial inclusivity.
The expansion is through Touch ‘n Go e-wallet’s GOinvest, a new feature allowing investors to invest in Principal Islamic Money Market Fund (Class D), starting from RM10 (US$2.25). The fund projects an annual return rate of up to 2.7%.
This is the second Islamic investment feature of Principal on the digital wallet, the first being Go+, launched at the end of March 2021, which invests in Principal e-Cash. Touch ‘n Go is the first e-wallet to be licensed by the Securities Commission of Malaysia to operate as a recognized market operator.
Principal Asset Management is part of the US-listed Principal Financial Group which manages over US$990 billion assets under management globally (and US$23 billion in Southeast Asia) as at the end of June 2021. The group’s strong digital mandate cascades down to its subsidiaries including its Malaysian arm which was the first investment management company to partner with a digital wallet to offer digital investment services in Malaysia.
Earlier in March, Principal Asset Management broadened its web-based investment services to better manage their portfolio on-the-go.
“The pandemic has accelerated the adoption rate of digital investment solutions, giving more people the access and convenience to invest and save more for their financial well-being. We are committed to bringing more innovative solutions focused on affordability, savings and investments, and inclusivity, while making investments easy to understand, and helping customers on their investment journeys,” CEO Munirah Khairuddin said at that time.