TNG Digital Sdn. Bhd., Malaysia's leading integrated fintech player, has made a major move towards sustainability by initiating a pioneering partnership with Arus Oil (My Protech Sdn Bhd). This collaboration marks TNG Digital's first foray into the circular economy. According to a joint statement, the partnership allows TNG eWallet users to recycle used cooking oil (UCO) and receive payments directly into their eWallets, transforming waste into money and supporting a more sustainable future.
Used cooking oil is frequently discarded instead of being repurposed, which contributes to environmental pollution and wasted resources. Improper disposal can cause the oil to enter the sewer system, eventually contaminating rivers and seas. To address this issue, TNG Digital and Arus Oil are promoting sustainable and effective oil recycling practices by encouraging households and businesses to use Arus Oil’s services through TNG eWallet.
Alan Ni, CEO of TNG Digital, shared, “We are excited to launch our first environmental, social, and governance (ESG) partnership with Arus Oil, aimed at promoting recycling and sustainability. As the country’s leading eWallet, we believe our responsibilities extend beyond providing financial products and services. We are committed to building a comprehensive and sustainable ecosystem through our TNG eWallet platform, enhancing the overall well-being of our users and the environment".
“This initiative not only mitigates risks related to environmental contamination but also supports the creation of renewable energy and the reduction of waste, while providing households and businesses with tangible financial benefits”, Ni said. Arus Oil, which began its oil collection efforts in 2017, has already collected 1,000 tonnes of UCO through designated collection points. Now, with TNG eWallet as its first eWallet partner, Arus Oil aims to streamline and simplify the recycling process and ensure that proceeds are credited directly to users’ eWallets in real-time.
Syazwan Majid, CEO of My Protech, shared, "At Arus Oil, we are driven by the belief that sustainability is not just an obligation but an opportunity to positively impact our environment and society. This partnership with the No. 1 eWallet in Malaysia aligns with our mission to lead the nation towards a greener future by turning waste into a resource. By facilitating the recycling of UCO through the cashless platform, we are empowering Malaysians to contribute directly to environmental preservation and renewable energy, while earning rewards. Together, we are not just imagining a sustainable future—we are actively building it".
Money earned from recycling used cooking oil (UCO) will be instantly credited to users' TNG eWallets, which can be used for various payments, enhancing the value of this eco-friendly practice. Currently serving the Klang Valley, Arus Oil plans to extend its services to the northern region and East Malaysia. From September 9 to September 23, 2024, the public is invited to bring UCO to the Arus Oil Collection Facility at 30, Jalan Industri USJ 1/4, Taman Perindustrian USJ, 47600 Subang Jaya, Selangor. By recycling through the TNG eWallet app, they can benefit from a special rate of RM3/kg.