Malaysian Fintech major TNG Digital is exploring a potential domestic initial public offering (IPO) that could raise over $300 million within the next two to three years, according to two sources familiar with the matter, Reuters reported.
The sources indicated that TNG Digital, which owns and operates the popular Touch ‘n Go eWallet, could achieve a valuation of over $1 billion before the proposed IPO, effectively reaching “unicorn” status.
However, the current valuation of the fintech firm was not immediately known.
In a 2022 equity funding round, TNG Digital raised MYR750 million ($161 million), with Lazada and Touch ‘n Go serving as the primary investors.
Lazada, a subsidiary of Chinese e-commerce giant Alibaba Group, and Touch ‘n Go, an indirect unit of CIMB Group, Malaysia’s second-largest bank, were key contributors to the funding.
Other notable investors in TNG Digital include insurance giant AIA and Ant Financial, a financial affiliate of Alibaba.
TNG Digital, established in 2017 through a strategic partnership between Touch ‘n Go and Ant Financial, has expanded its operations to become one of Malaysia’s leading fintech firms.
The company currently serves more than 20 million verified users through its Touch ‘n Go eWallet, providing services such as payments, investments, lending, remittances, and insurance.
TNG Digital facilitates payments for over two million merchants in Malaysia and enables cross-border transactions in more than 40 countries through partnerships with global payment networks, including Visa.
Proceeds from the potential IPO are expected to support further expansion within Malaysia and across Southeast Asia, according to the sources. However, they emphasized that discussions remain in the early stages, with no final decisions yet made.
In a statement to Reuters, TNG Digital commented, “The company continuously explores opportunities to access capital markets for funding, and any decisions will be announced at the appropriate time.”
As fintech and digital payment solutions continue to grow in the region, TNG Digital is positioning itself for long-term growth, driven by increasing adoption of digital wallets and the rise of financial technology services across Southeast Asia.
