No, the Money-back Guarantee policy is not the same as Perbadanan Insurans Deposit Malaysia (PIDM) protection.
PIDM is a government agency that protects your deposits in banks. If a bank that is a PIDM member goes bankrupt, PIDM will compensate you up to RM250,000 for your savings, current accounts, and fixed deposits.
However, PIDM does not cover fraud, or investments losses. The Money-back Guarantee policy provided by TNG eWallet provides protection against fraud losses due to unauthorised transactions, but it is not included in PIDM’s coverage.