[Written in partnership with Malaysia Digital Economy Corporation (MDEC), but the editorial team had full control over the content.]
A number of months in the past in August 2025, TNG Digital Sdn Bhd (the corporate behind TNG eWallet) was formally recognised as a unicorn, valued at greater than US$1 billion.
The precise valuation stays undisclosed, however CIMB Financial institution Bhd’s CEO said that TNG Digital has already certified as a unicorn, supporting the federal government’s purpose of figuring out 5 Malaysian unicorns by 2030.
CIMB Group Holdings Sdn Bhd, TNG Digital’s largest shareholder through 100%-owned unit Contact ‘n Go Sdn Bhd., additionally confirmed that the fintech agency has turned worthwhile earlier this 12 months, with regular development in transaction volumes and repair adoption.
The information has been met with a lot enthusiasm from each private and non-private sectors. However it’s sparked debate as nicely, with folks questioning how precisely the unicorn valuation was derived.
To handle this, TNG Digital’s CEO Alan Ni had an interview with us to clarify what’s behind the numbers.
How the unicorn valuation was derived
Regardless of what skeptics have commented, Alan shared that the valuation wasn’t self-declared.
“An unbiased and accredited third-party valuation agency offered a valuation not too long ago that locations TNG Digital on the degree sometimes related to unicorn firms,” the CEO said.
The evaluation utilized normal methodologies used for fintech companies, taking into consideration each its present efficiency and long-term incomes potential.
The CEO additionally debunked claims that the unicorn achievement was largely as a result of its mobility and toll providers. He shared that conventional toll and parking-related enterprise now contributes to lower than 3% of TNG Digital’s complete cost worth and income.
It’s a transparent indication that the fintech firm has grown past its roots, from a toll cost app right into a complete way of life ecosystem that serves over 24 million verified eKYC customers.
For context, that covers 85% of Malaysia’s grownup inhabitants, connecting them with greater than 2 million service provider touchpoints nationwide and processing over RM16 billion in funds every month.
Alan defined that this development is anchored by TNG eWallet’s diversified base which ensures long-term resilience. “Monetary providers, together with cross-border funds and remittances, are driving robust development, complemented by the continued power of our funds phase.”
Different providers which have grown in consumer recognition embrace TNG eWallet’s GO+ for micro-investments, CashLoan to assist entry credit score services, and insurance coverage merchandise for a wide range of wants like car and well being.
Partnerships with established companies similar to Principal Asset Administration, Amanah Saham Nasional Berhad (ASNB), and Affin Hwang broadens its monetary choices, whereas collaborations with shopper manufacturers like foodpanda and Huawei embed TNG eWallet into each day life.
IPO readiness and the street forward
Talking overtly, Alan shared that TNG Digital has achieved sustainable profitability since September 2024. “[We] count on to shut 2025 with our first full monetary 12 months of profitability.”
He credited this milestone as the results of operational self-discipline, strategic diversification, and deep buyer engagement.
As with all growth-oriented enterprise, TNG Digital will regularly assess a variety of alternatives and initiatives to assist its long-term ambitions.
Whereas an preliminary public providing (IPO) could be a pure development for TNG Digital, at this level, there isn’t any particular timeline for it. For now, its group is concentrated on strengthening its fundamentals, deepening partnerships, and delivering sustained worth to prospects, companions, in addition to stakeholders.
On a broader scale, TNG Digital’s journey of changing into a unicorn is an indication that Malaysia’s digital financial system has reached a brand new degree of maturity.
MDEC shared with us a number of key elements that evidenced TNG Digital’s quickly rising success.
Firstly, TNG Digital’s huge consumer base demonstrates a excessive degree of digital literacy and a readiness amongst customers to embrace digital monetary providers. The agency’s means to deal with a big quantity of each day transactions seamlessly factors to the presence of a dependable and scalable digital infrastructure in Malaysia.
Such development by fintech giants like TNG Digital wouldn’t have been doable with no supportive and forward-thinking regulatory framework, which permits for innovation whereas making certain the steadiness and safety of the monetary system.
With these foundations in place, MDEC believes the native market is primed for extra homegrown unicorns within the coming years.
Some fintech companies which might be exhibiting robust potential in following TNG Digital’s footsteps are firms like Enhance (digital monetary providers arm of Axiata), Gentle House (who raised the biggest Sequence C fundraising spherical in Malaysia to this point), and Neurogine (a quickly increasing participant within the funds area).
A catalyst for Malaysia’s digital financial system
Though the trail stays difficult, fintech leaders like TNG Digital play a catalytic position in accelerating Malaysia’s digital financial system.
By initiatives with MDEC, from incomes Malaysia Digital (MD) Standing to collaborating within the FOX programme and Enterprise Digitisation Initiative, TNG Digital isn’t solely scaling its personal providers but additionally serving to digitalise SMEs and strengthen the native tech ecosystem.
For context, as an lively participant in MDEC’s FOX programme, TNG Digital is supplied with assist in six key pillars—coverage, enterprise enlargement, funding facilitation, amplification, expertise enhancement, and mentoring. In different phrases, it’s geared up with the instruments and information wanted to scale globally and proceed innovating.
Its joint effort with MDEC on initiatives like MyCyberShield additional underscores a shared dedication to constructing public belief within the digital financial system by way of stronger cybersecurity.
Collectively, these initiatives amplify TNG Digital’s influence throughout areas similar to expertise growth, innovation, ecosystem constructing, and SME digitalisation.
As Malaysia works in the direction of its imaginative and prescient of creating three extra unicorns by 2030, TNG Digital stands as proof that the subsequent technology of fintech champions is already inside attain.
- Be taught extra about TNG Digital right here.
- Learn different articles we’ve written about Malaysian companies right here.
MDEC CEO Anuar Fariz Fadzil (left) with TNG Digital CEO Alan Ni (proper). MDEC’s assist has enabled TNG Digital to realize unicorn standing as Malaysia’s homegrown fintech champion, with the corporate grateful for MDEC’s position in driving fintech innovation and SME digitalisation with goal for the nation’s profit. / Featured Picture Credit score: TNG Digital
Keep forward of the curve with NextBusiness 24. Discover extra tales, subscribe to our publication, and be a part of our rising neighborhood at nextbusiness24.com