Malaysian Touch’ n Go eWallet secure US$168.3M financing by Lazada

Malaysia-based TNG Digital, the owner and operator of Touch' n Go , has secured RM 750 (US$168.3) million in its latest equity financing round.

Group led this round and is joined by TNG Digital's parent company Touch' n Go Sdn. Bhd.

This round of funding brings the total amount raised by TNG Digital over the last 18 months to over RM 1 billion (US$224 million).

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.

“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, Group CEO of Touch' n Go Group. “We will continue expanding in all digital financial services areas.”

Alan Chan, CEO of Lazada Malaysia, added: “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 and being a catalyst to stimulate capacity building among our sellers, primarily local SMEs and MSMEs.”

Started in 1997, Touch' n Go is one of the early companies that led the digital transformation within Malaysia's mobility ecosystem.

In 2021, TNG Digital expanded its cross-border payments capability to Singapore, led by the e-wallet's acceptance at ComfortDelGro taxis.

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