TNG Digital to raise USD 150 mln for expansion plans

Friday 22 January 2021 12:58 CET | News

Malaysia-based TNG Digital has started talks with investors to raise at least USD 150 million to fund expansion plans.

The e-wallet operator is owned by CIMB Group and China’s Ant Group. TNG Digital is negotiating with global banks, asset managers and others. 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 this year.

The new fundraising will result in CIMB and Ant Group paring their stakes, but they will remain the biggest investors in the business. Ant Group has cut funding and staff support to many of the overseas e-wallet firms it has invested in as it pivots away from earlier ambitions of becoming a global payments leader.

TNG Digital has secured approval from the Malaysian securities regulator to directly distribute capital market products including money market unit trust funds. It is partnering with Principal Asset Management, one of the country’s biggest fund managers.

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Keywords: TNG Digital, CIMB Group, Ant Group, Malaysia, e-wallet, online banking, mobile banking, digital banking
Categories: Banking & Fintech
Countries: Malaysia
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Banking & Fintech

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