TrueMoney, a fintech subsidiary of Thailand-based Ascend Money, has launched in Malaysia via partnership with Lotus’s Stores Malaysia Sdn Bhd (Lotus’s Malaysia) on Thursday.

With a focus on providing a seamless payment solution in the digital age, TrueMoney is now the official payment provider for all of Lotus’s locations across the country, TrueMoney said in a statement.

With TrueMoney’s hassle-free e-wallet and contactless QR Code payments, Lotus’s customers can now make prepaid and game credit top-ups, as well as pay utility (eg. electricity, water) and phone bills in addition to their day-to-day expenses with simplicity.

Furthermore, customers will be able to make peer-to-peer transactions through the True Money app and trace every transaction they conduct because every action is recorded in real-time.

“We, TrueMoney, have now expanded into the Malaysian market, marking the company’s 7th Southeast Asian country of operation. Through our eWallet, we offer seamless payment and convenience to all users, with a wallet size of MYR10,000 ($2306) and the utmost assurance of safe and secure payment,” said Jessie Chong, Ascend Group’s Country Managing Director.

“We aim to leverage our international presence to create a holistic and dynamic approach to creating a payment ecosystem within Southeast Asia that benefits individuals and small and medium-sized enterprises (SMEs); which includes cross-border payments in the pipeline,

“We might be the new kid on the block, but we bring with us a strong tech infrastructure & pre-existing businesses to connect with users in Malaysia,” she added.

The TrueMoney e-wallet is currently available in Malaysia via both the Apple App store and Google Play store.

Users of the TrueMoney e-wallet will also be able to receive instant benefits upon activation, apart from enjoying Lotus’s cashback and points, along with a RM10 TrueQuest reward. 

To make its mark in the country, TrueMoney has decided to make everyone’s grocery shopping experience more convenient for Malaysian consumers.

By partnering with Lotus’s Malaysia, TrueMoney provides consumers with the convenience they need to effortlessly transact and manage their expenses for their essentials with its app.

“Given today’s climate, consumers are more technologically sophisticated, they seek seamless, easy, and convenient shopping experiences all the time. As part of Lotus’s ongoing digital transformation, we are delighted to welcome TrueMoney to Malaysia and to our customers,” said Vivian Yap, Executive Director, Customer of Lotus’s Malaysia.

“By incorporating TrueMoney into our e-wallet service portfolio, our customers have more cashless options at all of our 65 stores,

“Not only will customers have an easy cashless option with TrueMoney, but it will also be very rewarding as TrueMoney Malaysia will reward our customers with My Lotus’s loyalty points. My Lotus’s loyalty points can then be used to pay for purchases, giving them further savings on their shopping,” she added.

As of 2022, more than 50 million people across the Southeast Asian (SEA) region have used TrueMoney’s e-wallet app.

TrueMoney Malaysia hopes to form more local partnerships with well-known merchants in the future and build up the whole ecosystem of financial services. 

Founded in 2003, TrueMoney is a regional fintech company in Southeast Asia, under Ascend Money, a joint venture between The Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba).

TrueMoney operates in six countries and has the largest agent network with over 88,000 agents to seamlessly send money both domestically and internationally, as well as an e-wallet that offers a wide range of new financial solutions, such as cashless payments, mobile top-ups, bill payments, international remittances, and many more.

Lotus’s Malaysia is a member of the Charoen Pokphand Group Co Ltd (C.P. Group) since December 2020. The C.P. Group is a multinational conglomerate, operating across various industries ranging from agricultural, and industrial to service sectors. C.P. Group currently has investments in 21 countries and economies.

Having acquired Tesco Malaysia’s business in December 2020, Lotus’s Malaysia has assumed the operations of all existing Tesco stores, employing 9,000 employees across one head office, two distribution centres and 65 stores throughout Peninsular Malaysia.

Lotus’s also has Malaysia’s most extensive online grocery home shopping network with over 100 delivery trucks and operations in Penang, Johor Bahru, Melaka, Negeri Sembilan and Ipoh.

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