Hong Kong’s TNG Wallet launches app for cross-border money transfer service

Sending money around Asia is now as easy as touching a button on your phone, but users will face background checks before they can shift large chunks of cash across borders to reduce the risk of money laundering.

TNG Wallet’s chief executive and founder Alex Kong said on Tuesday the company was launching apps in 12 Asian countries including mainland China, making it the first licensed e-wallet in Hong Kong with the ability to instantly send cash across borders.

“Once you’re verified with us, you can send money anywhere, anytime. You don’t need to go to the bank and fill in the same stupid form,” Kong said.

He described the development as “unprecedented” and one that puts TNG in a position to be the premiere e-wallet, not just in Hong Kong, but in the Asia region.

TNG apps allowing cross-border money sending are available for download in Nepal, Bangladesh, Thailand, China, Vietnam, The Philippines, Indonesia, Malaysia, Sri Lanka, India and Pakistan starting Tuesday, with local regulations delaying the Singapore version’s launch till October or November.

In order to weed out potential terrorists or money launderers, users have to show their identity cards to transfer HK$10,000 or more, or undergo an interview and background check to transfer the wallet’s maximum transfer amount of HK$100,000.

Kong said there were no transaction fees, “the best exchange rate” and the money would be available in the other country instantly, either for pick-up at an outlet such as a post office or money lender, or in the receiver’s e-wallet.