• This innovative solution offers employees from both companies to enjoy benefits and rewards such as cashback
• The TrueMoney e-wallet has continued to show strong growth in Malaysia since its launch in January 2023

KUALA LUMPUR, 16 August 2023 – TrueMoney, one of the prominent e-wallet services in the country, today has officially facilitated with Thailand’s Charoen Pokphand (C.P.) Group and supermarket chain, Lotus’s, to empower staff benefits in Malaysia. Starting from May, Lotus’s staff can enjoy the convenience of facilitated offers and benefits from TrueMoney, while C.P. Group staff will receive these benefits beginning in August.

Having launched in Malaysia in early 2023, TrueMoney Malaysia has experienced substantial growth, boasting around 12,000 merchants and over 30,000 payment points that encompass retail, gaming, technology, restaurants, and more. Operating in six other countries, the TrueMoney e-wallet has impressively surpassed 50 million downloads of its e-wallet app, catering to a vast user base across Southeast Asia. 

Jessie Chong, Ascend Group’s Country Managing Director, said, “We are truly honoured that TrueMoney has been chosen as the official staff benefit arm for esteemed organizations like C.P. Group and Lotus. Through our e-wallet, their staff have access to a wide range of businesses, as well as amazing promotions, cashback and benefits to reward them. This is an innovative and practical way to extend employee benefits that is both easy and encourages adoption. We hope that through this facilitation, staff can enjoy a seamless and secure cashless payment journey with the TrueMoney e-wallet whenever they spend at Lotus’s or any of our participating merchants.”

Following the facilitation, every staff member at Lotus’s can now enjoy a 10% cashback in TrueMoney e-wallet credits when making purchases at Lotus’s stores using the e-wallet app. The cashback applies to all transactions without any minimum spend requirement, with a cap of RM50 per staff member per month. Additionally, Lotus’s staff will earn 3x Lotus points for every RM1 spent, as opposed to the standard 2x Lotus points earned by regular customers.

C.P. Group employees will also now have the opportunity to receive a 5% cashback on their purchases at Lotus’s stores when utilizing the TrueMoney e-wallet app, without any minimum spending requirement, but with a maximum cap of RM25 per staff member per month.

More than ‘just’ an e-wallet

TrueMoney Malaysia aspires to establish more staff benefit arm partnerships with prominent corporations in the coming years. In these potential collaborations, corporations will have the opportunity to extend exclusive staff discounts for purchases made at Lotus’s stores or any of the existing TrueMoney e-wallet merchants. Moreover, TrueMoney plans to introduce curated marketing campaigns, including staff referral programs, exciting lucky draws, engaging roadshows, and other innovative initiatives.

“On top of cashback and Lotus’s member points, we frequently organize curated lucky draws and engaging marketing campaigns to offer employees a chance to win exciting prizes. Through our initiatives, we aim to create a mutually beneficial ecosystem where staff members can enjoy the perks of TrueMoney and savor the advantages of digital payments seamlessly. We extend our sincere gratitude to C.P. Group and Lotus’s for entrusting us with the responsibility of being their staff benefit arm, and we look forward to delivering exceptional value and experiences to their employees and customers alike,” continued Jessie.

By pursuing such strategic partnerships, TrueMoney strives to foster a comprehensive ecosystem of digital payment services, providing enhanced benefits and convenience for both corporate employees and the wider Malaysians. With its wide range of services and offerings, the brand aims to be the go-to platform for all digital payment needs in Malaysia.

About TrueMoney

TrueMoney is a regional fintech company in Southeast Asia, under Ascend Money, a joint venture between The Charoen Pokphand Group (C.P. Group) and Ant Financial (Alibaba), with a mission to enable everyone access to innovative financial services to empower their daily lives. With operations in 7 countries, including Malaysia, TrueMoney has gained regional recognition as a wallet to use because of its wide array of services including payments, mobile top-ups, game top-ups, peer-to-peer transfers and so much more.

TrueMoney also has the largest agent network with over 88,000 agents, helping our customers send money seamlessly both domestically and overseas, capturing markets such as Cambodia, Myanmar, and the Philippines.

About C.P. Group

The Charoen Pokphand (C.P.) Group was founded in Thailand in the early 1920s and has won the world’s recognition as Asia’s leading globally-committed conglomerate focused on Agri business-Production and Processing and Service-Telecommunications, Logistics and Retailing. The C.P. Group currently has investments in 21 countries and economies.

In 1974, the C.P. Group was incorporated in Malaysia primarily in the Poultry Integration Industry and it is now one of the market leaders of the sector. The Group is determined to share and commit to fulfilling the vision of becoming the Kitchen of the World, placing significant importance on research and development to improve production efficiency at every step of operations as well as developing products to meet the satisfaction of customers and consumers.

Now, the C.P. Group Malaysia consists of 2 groups with different types of businesses which are the Agro-Industry & Foods Business Group and the Aquaculture Business Group.

About Lotus’s Malaysia

Lotus’s Stores Malaysia Sdn Bhd (Lotus’s Malaysia) is a member of the Charoen Pokphand Group Co Ltd (C.P. Group) since December 2020. 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.

For further information, on behalf of TrueMoney, please contact:

Sofea Hashim
[email protected]

Vidyavashni
[email protected]