TNG Digital's Malaysian IPO: A Gamechanger for Fintech Companies
TNG Digital, Malaysia's largest fintech company, is setting its sights on a prospective initial public offering (IPO) projected for the next two to three years, aiming to raise over $300 million. This strategic move could elevate its valuation to that of a unicorn—a startup valued at $1 billion or more. Currently, TNG Digital stands under the shadows of impressive investors like Alibaba Group and CIMB Group, bolstered by a notable 750 million ringgit funding from significant backers including Lazada and Ant Financial.
Established in 2017, TNG Digital operates the Touch 'n Go eWallet, serving over 20 million verified users across Malaysia. The company has seen a remarkable 70.7% surge in annual transacting users, reaching 15.7 million last year, according to CIMB’s 2023 annual report. The anticipated IPO not only promises to enhance TNG Digital’s business prospects in Malaysia but also aims to expand its footprint across Southeast Asia.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.