Touch N Go eWallet GoInvest is revolutionizing the investment landscape by offering Touch 'n Go users a seamless and accessible platform to invest in various funds. With the recent addition of 8 new funds from CIMB Principal, users can now diversify their investment portfolios with as little as RM10, with no lock in period and capped amount. This post explores the features, benefits, and drawbacks of Touch N eWallet GoInvest, while also offering suggestions for improvement. For those who don't know what GoInvest is, it is a function within the Touch N Go eWallet that offers users access to invest in CIMB Principal funds. I've been a long time GOinvest user since they 1st launch so I have some insights into the application.
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Expanded Fund Selection:
Previously limited to an Islamic money market fund (Principal Islamaic Money Market Fund - Class D), Touch N eWallet GoInvest now offers a range of options to suit different investment preferences. Users can choose from the standard conservative, balanced, and aggressive funds, all managed by CIMB Principal, the trusted mutual fund arm of the CIMB banking group.
Easy Accessibility:
Accessing GoInvest is effortless, as it is integrated seamlessly into the Touch N Go eWallet platform. Users can utilize their eWallet funds to purchase the available investment options. Additionally, first-time investors are required to complete a risk profile questionnaire to ensure suitable investment recommendations.
Sales Charges Consideration:
One notable drawback is the presence of sales charges, which currently stands at 1.5% for the aggressive funds. For the conservative funds, there are no sales charges. It is reasonable to assume that Touch N Go earns revenue from these charges. However, it is worth considering reducing or eliminating these charges, as many robo-advisors and fintech financial apps are moving towards not imposing sales charges for online transactions. Doing so would align with the evolving industry standards and attract more investors to the platform.
Another drawback is that money in Touch N Go ewallet that are reloaded using credit card and pin are not transferable into GOInvest.
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Personal Experience and Expectations:
In my own testing, I invested RM50 each in two funds: the Principal Islamic Global Selection Moderate Conservative Fund and the Principal Asia Pacific Dynamic Mixed Asset Fund. As of now, the funds are still in transit and awaiting execution.
Touch N eWallet GoInvest presents a user-friendly and accessible investment platform, offering a diverse range of funds for Touch 'n Go users. With the recent expansion in fund options, investors can tailor their portfolios to match their risk appetite. While the presence of sales charges is a notable drawback, reducing or eliminating these charges would enhance the appeal of the platform. Overall, Touch N eWallet GoInvest provides a promising opportunity for individuals looking to venture into the world of investments conveniently and securely.
