TNG Digital in talks to raise RM604.5mil

The coronavirus pandemic has propelled demand for digital payment services around the world, but Malaysia’s market is particularly competitive with nearly 50 players. TNG Digital says its Touch ‘n Go e-wallet is the country’s biggest with more than 15 million registered users.

SINGAPORE: TNG Digital Sdn Bhd, an e-wallet operator owned by CIMB Group and China’s Ant Group, is in advanced talks with investors to raise at least US$150mil (RM604.5mil) to fund expansion plans, four sources familiar with the matter said.

The coronavirus pandemic has propelled demand for digital payment services around the world, but Malaysia’s market is particularly competitive with nearly 50 players. TNG Digital says its Touch ‘n Go e-wallet is the country’s biggest with more than 15 million registered users.