TNG Digital, operator of the TNG eWallet, is reportedly planning a domestic IPO in the next two to three years, aiming to raise over US$300 million, according to sources cited by Reuters.
Proceeds from the potential IPO are expected to support further expansion in Malaysia and Southeast Asia.
However, sources emphasized that deliberations are ongoing, with no final decision made.
TNG Digital stated that it is continuously exploring options for capital market access and will provide updates when appropriate.
If the IPO is successful, TNG Digital could achieve unicorn status with a valuation exceeding US$1 billion.
Established in 2017 through a partnership between Touch ‘n Go and Ant Financial, TNG Digital has rapidly expanded its digital payments and financial services footprint across the region.
Touch ‘n Go eWallet, which serves over 20 million users, offers a range of services, including payments, lending, investments, and remittances.
It supports more than two million merchants in Malaysia and enables cross-border transactions across 40 countries through partnerships with Visa.
CIMB’s 2023 report highlighted a 70.7% year-on-year increase in transacting users, reaching 15.7 million in 2022.
TNG Digital secured RM 750 million (US$179.3 million) in 2022 from key investors, including Lazada and its parent company, Touch ‘n Go, which is indirectly owned by CIMB Group.
Other investors include AIA and Ant Financial.
Featured image credit: Edited from Freepik
