According to Reuters, the coronavirus pandemic has accelerated demand for digital payment services around the world, but Malaysia’s market is particularly competitive with nearly 50 players. The venture, called TNG Digital, says its Touch ‘n Go e-wallet is the country’s biggest with more than 15 million registered users.
Therefore, TNG Digital is negotiating with global banks, asset managers and others, Reuters reported. Moreover, sources said the fundraising is expected to give TNG Digital a valuation of more than USD 700 million and it could end up raising about USD 250 million in total in 2021.
However, CIMB and its unit Touch ‘n Go which owns 51% of TNG Digital declined to comment, while Ant Group, which holds 49%, said it would defer to its partners when asked for comment.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now