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One jungle to another

08/01/2018The Standard

One jungle to another

Alex Kong is a Malaysian-born Chinese who's steeped in business, even managing a hotel for his dad in Mulu National Park, Sarawak, which hired indigenous people.

"The aborigines got everything back home from the hotel - pillows, mattresses, televisions, boat propellers, even electricity. For those who worked in the kitchen, they held up the chicken thigh and left the breast for the customers. You couldn't use the modern way to manage them.

"I think it is God who made me have such a tough and painful experience in the past that prepared me for the future. I came up with different business ideas and want to create value and convenience for others." Kong read tourism for his degree in Hawaii.

Having a wife from Hong Kong, he moved to the SAR.

He had an e-commerce business as early as 1996, helping people book air tickets and hotel rooms. It went well until after 2000 when the dotcom bubble burst and the 9/11 terrorist attack took place in 2001. Before launching TNG, he was deeply involved in an IT solutions firm Sino Dynamic Solutions.

Although others see his TNG as a David pitted against the many Goliaths in the financial world offering fintech services, Kong says: "I don't think it is risky as I know very much what I am doing. It is only risky if you don't know what you are doing. I have prepared TNG since 2009."

A measure of how far he has come is his inclusion in Chief Executive Carrie Lam Cheng Yuet-ngor's delegation to the United Kingdom in September.

Kong is also a veteran property and equity investors. Coming from a poor family, Kong says he spent his childhood in a van, and that explains his fixation with homes. "I want to have a sense of security and stable rental income."

As for equities, he is keen on those with generous payout such as Link REIT (0823).

Announces Strategic Exit from Stored Value Facilities ("SVF") business

We would like to announce to our users that we have decided to exit the SVF business due to our consideration for strategic corporate restructuring and realignment. The decision to exit the SVF business was made after a thorough review and deliberation of the company’s portfolio and business strategies. We are working on a non-SVF business for a total transformation of our business to carry our motto of “Make Your Life Easier”. Do take note of our future announcement. 

Customer Protection

TNG Wallet remains committed to supporting its users, merchants, and service partners  during this transition. We have made sufficient provision for financial and administrative resources to meet the float redemption and relevant administrative processes to ensure that all obligations to users, merchants and service partners are met and that users are provided with the necessary guidance and support. 

The existing independent 3rd Party, Custodian agency, (“Tricor Trust (Hong Kong) Limited”) will continue to act as Custodian throughout the redemption process. TNG will commence the exit process today (25 October, at 4:30pm) and all of the services will be terminated by 9 December 2024. From 4:30pm on 25 October 2024 to 6:00pm on 9 December 2024, all TNG users will be able to withdraw your money in TNG Wallet in various ways (see below service list for more info). 

You are encouraged to withdraw the remaining balance via local merchant payment, FPS/ Bank Transfer, P2P Transfer, and MasterCard Purchase on or before 9 December 2024 6:00pm. All relevant service charges will be waived during the period of 25 October 2024 and 9 December 2024. After the termination of TNG services on 9 December 2024, TNG Wallet App will be retired and the management fees will be applied. 

For details, please click this window to find out.