Sources: Ant’s Malaysian e-wallet venture with CIMB in talks to raise US$150mil

An employee walks through the campus of the Ant Group Co. headquarters in Hangzhou, China. 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. — Bloomberg

SINGAPORE/KUALA LUMPUR: A Malaysian e-wallet operator owned by CIMB Group and China's Ant Group is in advanced talks with investors to raise at least US$150mil (RM604.80mil) 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. The venture, TNG Digital Sdn Bhd, says its Touch 'n Go e-wallet is the country's biggest with more than 15 million registered users.