CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu.
PETALING JAYA: Touch ‘n Go Digital Sdn Bhd (TNG Digital) has qualified as Malaysia’s next unicorn, with CIMB Group
confirming the homegrown eWallet operator has crossed the US$1bil valuation mark and turned profitable – but says there is “no rush” to go public.
CIMB Group, via 100%-owned Touch ‘n Go Sdn Bhd, holds a 45.01% stake in TNG Digital, followed by Antfin Singapore Holding Pte Ltd at 23%, Alipay Singapore Holdings Pte Ltd at 11.62%, Lazadapay Holdings Pte Ltd at 11.38%, ASP Malaysia LP at 5.99%, and AIA Bhd at 3%.
“We are very confident TNG Digital is already qualified as a unicorn,” said CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu, who also heads CIMB’s group digital business.
His comments follow Finance Minister II Datuk Seri Amir Hamzah Azizan’s remarks at the MyFintech Week 2025 launch yesterday, where the government reiterated its goal of identifying five local unicorns by 2030.
If confirmed, TNG Digital – Malaysia’s largest financial technology company – would join the ranks of Carsome Sdn Bhd, which reached unicorn status in 2021, and Edotco Group Sdn Bhd, the regional telecommunications tower company 63%-owned by Axiata Group Bhd.
With TNG Digital now profitable, Gurdip said there is no immediate urgency to list the company. “The question of initial public offering (IPO) is something we will always assess, but it’s not something we are rushing into,” he told reporters on the sidelines of a media roundtable at MyFintech Week 2025.
“At this point, the business is growing nicely.
“We have started making profit after a few years of incubation.
“So the business is in good shape, but we are not rushing into an IPO per se yet.”
Last September, Reuters, citing sources, reported that TNG Digital was eyeing a Bursa Malaysia listing in two to three years that could raise over US$300mil.
As at March 2025, TNG Digital had 29.8 million registered users, up 10% year-on-year (y-o-y), with average transacting users at 14.9 million.
In a written reply to StarBiz, TNG Digital said it has been recording consistent quarterly profits since the third quarter of 2024, supported by more than 24 million users verified via electronic Know-Your-Customer (e-KYC).
“Our platform continues to expand beyond payments, with rapid growth in financial services and lifestyle offerings,” it said.
TNG Digital said its flagship financial product, GO+, continues to drive growth, now serving nearly 3.6 million active users – a 10% y-o-y increase – while assets under management have doubled over the same period to more than RM1.5bil.
GO+ is a micro-investment feature that lets users earn returns on their eWallet balance.
“As a privately held company, we are unable to disclose further financial or operational details at this time.”
While financial specifics remain limited, Gurdip highlighted the growing usage of the platform beyond payments.
He noted that with over 24 million e-KYC verified users, the TNG eWallet is reaching “almost every adult Malaysian.”
He added that payment usage – where users load and spend via the wallet – remains the primary measure of market share.
“Then we look at what other financial services. That part is still relatively early days, but the trajectory is very, very positive.”
