Digital wallet provider TNG Digital to secure USD 150 mln investment

The Malaysia-based digital wallet operator is currently in advanced discussions with various investors in order to complete its investment round so it can expand business operations. The COVID-19 outbreak has led to an increase in demand for digital payment platforms across the globe, however, Malaysia’s market is quite competitive with almost 50 industry participants focused on payments. TNG Digital has noted that its Touch ‘n Go digital wallet is one of the nation’s largest provider with over 15 million registered users.

TNG Digital is reportedly negotiating with international banks, fund managers, and several others, according to sources cited by Reuters. But no specific names have been provided. However, the sources claim that the investment round could give TNG Digital a valuation of over USD 700 million and the firm may end up securing around USD 250 million in capital during 2021.

TNG Digital obtained clearance from the Malaysia-based securities regulator in order to directly offer capital market products such as money market unit trust funds. TNG has teamed up with Principal Asset Management, a large Malaysia-based asset manager.