Touch ‘n Go Group has announced that TNG Digital Sdn Bhd, the operator of Touch ‘n Go eWallet, has raised RM750 million from its latest round of equity funding. The new funding is led by investments in TNG Digital by Lazada Group as well as follow-on investment by TNG Digital’s parent company, Touch ‘n Go Sdn Bhd.
According to the company, the latest investments solidifies the collaboration key segment leaders, one in eCommerce and one in digital financial services and payments.
Touch ‘n Go Group’s Chief Executive Officer Effendy Shahul Hamid said “I’m extremely pleased to welcome Lazada to the Touch ‘n Go eWallet family. We feel this collaboration will bring next-level value propositions to users and merchant bases across the Lazada and Touch ‘n Go ecosystem. I look forward to seeing the teams roll out these exciting collaboration opportunities to our users.”
“The funding round also sets us up nicely for our next phase of growth. We will continue to expand in all areas of digital financial services and ensure that our user base is served in an innovative and inclusive manner,” he added.
Commenting on the funding, Lazada Malaysia’s Chief Executive Officer Alan Chan said, “We see digital payment services as a critical bolt-on to bring the best customer experience on Lazada. Lazada is fully committed to providing a seamless customer journey, as well as being a catalyst to stimulate capacity building among our sellers, primarily local SMEs and MSMEs. Our long-standing partnership with Touch ‘n Go eWallet has served our customers well, allowing buyers to check out easily and quickly. Today’s announcement fortifies that partnership and we are excited by the prospects it presents for both our companies.”
Touch ‘n Go claims to be Malaysia’s number one eWallet platform with over 17.8 million registered users and over 1.2 million merchant touch points including DuitNow QR. Touch ‘n Go Sdn Bhd (TNG) is a wholly-owned subsidiary of CIMB Group, while TNG Digital Sdn Bhd is a joint venture between TNG and Ant Group, the parent company of China’s AliPay.
With the latest round of funding, TNG Digital has raised over RM1 billion over the last 18 months. Besides Touch ‘n Go and Lazada, other TNG Digital shareholders including Ant Group, AIA Group and US-based venture fund BowWave Capital.
Besides being an eWallet, the platform is currently the primary payment channel for RFID payments for toll and petrol purchases. Recently, they have also introduced a new TNG Card with NFC which allows seamless top-ups directly from the eWallet using an NFC-enabled smartphone.
To expand its fintech game, the TNG eWallet has also introduced Go+ and GoInvest investment products as well as GoPinjam personal loan. There are also plans to introduce a Visa prepaid card this year which will expand its acceptance worldwide including the ability of cashing out via ATM.