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Ant-CIMB Malaysian e-wallet joint venture in talks to raise $150mn
- Friday | 22nd January, 2021
SINGAPORE/KUALA LUMPUR (Reuters) – A Malaysian e-wallet operator owned by CIMB Group and China’s Ant Group is in advanced talks with investors to raise at least $150 million to fund expansion plans, four sources familiar with the matter said. The venture, TNG Digital Sdn Bhd, says its Touch ‘n Go e-wallet is the country’s biggest with more than 15 million registered users. TNG Digital is negotiating with global banks, asset managers and others, the sources said, declining to be identified as they were not authorised to speak to media. CIMB and its unit Touch ‘n Go Sdn Bhd which owns 51% of TNG Digital declined to comment. TNG Digital has secured approval from the Malaysian securities regulator to directly distribute capital market products including money market unit trust funds.
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