16/03/2026

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MONDAY | MAR 16, 2026

Carlo Rino doubles down on middle-income market

Ű BY JOHN GILBERT sunbiz@thesundaily.com

PETALING JAYA: Touch ‘n Go eWallet (TNG eWallet) cross-border QR transactions grew 82% year-on-year from 2024 to 2025, mainly driven by travel spending in key regional markets. While TNG Digital Sdn Bhd – the company that operates TNG eWallet – did not disclose the total transaction value, the growth comes as regional QR payment linkages allow Malaysian travellers to pay overseas using their domestic e-wallets. TNG Digital was established in 2017 through a strategic partnership between Touch ‘n Go and Ant Financial, and TNG eWallet was launched the following year. The expansion of cross-border QR payments comes as e-wallet adoption in Malaysia continues to rise. According to Bank Negara Malaysia, PETALING Malaysian fashion retailer Carlo Rino Group Bhd will continue to build a strong foothold in Southeast Asia’s middle-income retail market, widely regarded as one of the most active and resilient consumer segments in the region. As purchasing power rises and lifestyle expectations evolve, Carlo Rino expects the middle class to continue to shape demand across fashion and accessories. Group managing director Datuk Seri Chiang Fong Yee ( pic ) said that, for years, Carlo Rino has distinguished itself by delivering stylish, well-crafted products at prices that remain within reach. He said this ability to pair modern design with everyday affordability has allowed the brand to stay relevant, particularly among consumers who want quality without paying for premium labels. “Our approach combines trendy and innovative design tailored to regional tastes, continuous category expansion, targeted market cam paigns, and a strong online presence powered by social com merce and livestreaming. “Together, these initiatives help us stay relevant, aspirational and closely connected to today’s evolving mid-income consumers. “As we mark our 40th anni versary this year, we see this as an opportunity to further strengthen brand visibility and drive sales through targeted campaigns, new product launches and customer centric initiatives that celebrate Carlo Rino’s heritage as a home grown brand,” Chiang told SunBiz . He said tourism-related initiatives, such as Visit Malaysia 2026, could provide additional upside, allowing Carlo Rino to further capitalise on the growing Southeast Asian middle-income segment. “Our products are well-suited for tourists, and many of our outlets are located in key tourist malls and high-traffic locations, enabling us JAYA: Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

TNG eWallet has grown into a multi-service platform offering investments, lending, credit, remit tance, insurance and lifestyle services through its ecosystem, TNG Digital said. It said the shift towards integrated financial services is evident in the rapid uptake of its wealth offerings, with assets under management growing 327% since GO+ was introduced in 2022. The platform now offers a range of investment options including gold investment (e-Mas), money market funds, unit trusts and private retirement scheme products offered by Principal Asset Management, share trading through e-Trade and Amanah Saham Nasional Bhd funds. “Driven by ease of use, low entry barriers and strong user trust, consumers see TNG eWallet as a daily financial companion, not just a payment tool,” TNG Digital said. “By diversifying our sourcing and strengthening our supplier network, we are able to maintain operational resilience while con tinuing to deliver engaging and seamless experiences to our customers. These measures position the group to manage external uncertainties effectively and support our ongoing growth strategy into 2026 and beyond,” he added. This allows us to adjust more quickly to changes in cost structures without being burdened by heavy fixed assets, supporting more disciplined cost management.” Chiang said Carlo Rino’s omni channel ecosystem remains a significant driver of customer engagement, and 2026 will see further focus in this area. “We plan to enhance boutique experiences and visual merchan dising, carry out selective refur bishments, align store environ ments with global retail trends, with the objective of delivering a more engaging and immersive in-store experience for our customers. “We are also strengthening our presence on Shopee, TikTok Shop and other relevant platforms through expanding live commerce sessions, influencer and KOL affiliate programmes, while im proving cross-border fulfilment capabilities. “These initiatives are part of a broader strategy to grow inter national e-commerce contri butions in a sustainable and customer-focused manner.” Chiang said Carlo Rino remains confident in navigating challenges such as global supply chain disruption, currency fluctuations and US tariff hikes.

o Malaysian fashion brand, which celebrates its 40th anniversary this year, eyes stronger foothold in Southeast Asia

Rino is focused on executing a strategy centred on sustainable growth across its retail and e commerce channels, with an emphasis on building long-term value. “The group continues to see encouraging traction from its omnichannel initiatives, supported by continued efforts in product innovation and customer engage ment. “Our new flagship store will play an important role in supporting the group’s growth strategy. Once operational, it is expected to complement our existing retail network and enhance our presence and customer experience. “Our new flagship store will go beyond retail to serve as a brand experience centre, allowing customers to explore our latest lifestyle offerings, including the Crystal Care skincare collection and diffuser range. The store is designed to deepen customer engagement, strengthen loyalty, and reinforce our brand presence across key markets.” Chiang said Carlo Rino is focusing on initiatives to optimise the end-to-end supply chain, strengthen operational resilience and support sustainable growth amid rising costs, inflation at 1.3% to 2%, e-invoicing rollouts and fast fashion sustainability pressures such as overproduction and ethical

to benefit from increased footfall. This positions Carlo Rino well to capture both domestic and tourist spending while continuing to expand our reach across the Southeast Asia region through digital channels,” Chiang said. When asked to elaborate on Carlo Rino’s proposed transfer from the ACE Market to the Main Market of Bursa Malaysia, Chiang said the exercise represents another key milestone in Carlo Rino’s corporate journey, following the company’s listings on the LEAP Market in 2018 and the ACE Market in December 2024. The exercise reflects the group’s progress and readiness in meeting the relevant requirements for a Main Market listing, as well as the evolution of Carlo Rino’s business scale and capabilities, he added. “The transfer is expected to strengthen Carlo Rino’s standing in the capital market by improving visibility and access to a wider investor base, including insti tutional investors, while enhancing the marketability of its shares. It also provides a stronger platform for sustainable expansion and reinforces confidence among key stakeholders as the group con tinues to execute its long-term growth strategy,” Chiang said. With Q1 FY26 revenue up 10.9% to RM22 million and e-commerce surging 43.9%, Chiang said Carlo

The company said the next phase of growth for e-wallet platforms will come from value-added services, including financial services, travel and lifestyle offerings. “Platforms that integrate these services seamlessly in a single eco system will drive stronger engage ment, higher stickiness and long-term growth.” TNG Digital said e-wallet usage is evolving beyond basic payments into broader financial management. “The next phase of e-wallet growth will be driven not just by payments, but by how seamlessly platforms help users manage their daily financial lives. Consumers now use one platform to spend, save, invest and manage their finances.” TNG Digital said it is focused on building an integrated ecosystem that supports spending, saving and financial access in one place. sourcing. The initiatives include enhanced forecasting, collaborative planning and data-driven demand insights. “We are also advancing digitali sation and aligning with e-invoicing requirements, while carefully managing operational costs to ensure efficiency without com promising quality. In parallel, responsible sourcing and balanced inventory management remain central to our strategy, enabling us to maintain product availability and service excellence. “By leveraging internal data and research, we aim to build a more resilient, agile, and future-ready organisation that can adapt to evolving market demands,” Chiang said. “Another key strength under pinning these efforts is our asset light business model, which provides greater cost control, flexibility, and operational agility.

TNG eWallet cross-border QR transactions surge on travel spending

Indonesia, and it is also used in China, Japan and South Korea through the Alipay+ network. The platform serves over 25 million verified users, representing about 85% of Malaysia’s adult population, with more than two million mer chant touchpoints across

e-wallets account for 64% of total e-money trans actions in the country. TNG Digital said regional payment con nectivity is streng thening through initia tives such as Asean Payment Connectivity and Malaysia’s parti cipation in the Bank for International Settlements

the country. According to TNG Digital, this scale reflects the widespread adoption of digital payments across the country. “As the only e-wallet to have participated in all government digital aid programmes, we have also played a key role in accelerating digital inclusion and payment adoption across Malaysia,“ it said. TNG Digital said Malaysia’s e-wallet sector continues to expand, supported by government-led initiatives pro moting cashless transactions.

led Project Nexus, which aims to link payment systems across countries. “Today, we support QR payments in over 50 countries across government-to-government QR linkages and the Alipay+ network, while TNG eWallet Visa Card and Travel Card are accepted globally, expanding the global usability of Malaysian e-wallets,“ the company told SunBiz . TNG eWallet’s key regional markets include Singapore, Thailand and