TNG Digital, the company behind Malaysia’s widely used TNG eWallet app, has crossed a US$1 billion valuation, making it the country’s newest fintech unicorn.

The milestone was confirmed by shareholder CIMB Group Holdings, according to Bloomberg.

Gurdip Singh Sidhu, Country Head of CIMB Bank Malaysia, said the company meets the benchmark for unicorn status and that an initial public offering is being considered.

However, he added that there is no urgency to proceed, and any listing will be carefully timed.

TNG Digital is about 45 percent owned by Touch ’n Go Sdn Bhd, a subsidiary of CIMB.

The company turned profitable last year and continues to expand under the group’s digital business portfolio.

Founded in 2017 as a joint venture between Touch ’n Go and Ant Financial, TNG Digital raised RM750 million in 2022 from investors including Lazada, AIA, and Ant Financial.

Today, the platform serves more than 20 million verified users and supports payments for over two million merchants across Malaysia.

The achievement aligns with Malaysia’s broader goal of nurturing at least five unicorns by 2030, an ambition reiterated by Second Finance Minister Amir Hamzah Azizan at a recent fintech conference in Kuala Lumpur.

Featured image: Edited by Fintech News Malaysia, based on images by wichayada and shahriar4# via Freepik