eWallet scene heats up in Malaysia with TNG Digital raising US$168.3mil funding with Lazada as lead investor
By Digital News Asia July 25, 2022
- Brings total raised over last 18 months to over US$224 mil
- Investment solidifies collaboration between two key segment leaders
In an announcement that raises its total amount raised over the last 18 months to over US$224 million (RM1 billion), Touch ‘n Go Group has announced that TNG Digital Sdn Bhd, which owns and operates Touch ‘n Go eWallet, has raised RM750 million in funding. The round is led by leading e-commerce platform, Lazada Group with follow-on investment by parent company Touch ‘n Go.
The new investment solidifies the collaboration between key segment leaders, one in e-commerce and one in digital financial services and payments.
“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,” said Effendy Shahul Hamid (pic), Group Chief Executive Officer, Touch ‘n Go Group.
“The funding 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,” added Effendy.
Alan Chan (pic, right), Chief Executive Officer of Lazada Malaysia 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.”
In addition to Touch ‘n Go and Lazada, other shareholders of TNG Digital include Ant Group, insurers AIA Group and US-based venture fund BowWave Capital.
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