[Written in partnership with Malaysia Digital Economy Corporation (MDEC), but the editorial team had full control over the content.]
Just a few 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 acknowledged that TNG Digital has already certified as a unicorn, supporting the federal government’s goal 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 yr, 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. Nevertheless it’s sparked debate as effectively, 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 elucidate 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 supplied a valuation lately that locations TNG Digital on the degree sometimes related to unicorn corporations,” the CEO acknowledged.
The evaluation utilized normal methodologies used for fintech companies, bearing in mind each its present efficiency and long-term incomes potential.
The CEO additionally debunked claims that the unicorn achievement was largely attributable to its mobility and toll companies. He shared that conventional toll and parking-related enterprise now contributes to lower than 3% of TNG Digital’s complete fee worth and income.
It’s a transparent indication that the fintech firm has grown past its roots, from a toll fee app right into a complete life-style 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 companies, together with cross-border funds and remittances, are driving sturdy development, complemented by the continued power of our funds phase.”
Different companies which have grown in consumer reputation embody TNG eWallet’s GO+ for micro-investments, CashLoan to assist entry credit score amenities, and insurance coverage merchandise for a wide range of wants like car and well being.
Partnerships with established companies akin 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 day by day life.
IPO readiness and the highway forward
Talking overtly, Alan shared that TNG Digital has achieved sustainable profitability since September 2024. “[We] anticipate to shut 2025 with our first full monetary yr of profitability.”
He credited this milestone as the results of operational self-discipline, strategic diversification, and deep buyer engagement.
As with every 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) can be a pure development for TNG Digital, at this level, there is no such thing as a particular timeline for it. For now, its crew 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 economic system has reached a brand new degree of maturity.
MDEC shared with us a number of key components 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 shoppers to embrace digital monetary companies. The agency’s capacity to deal with a big quantity of day by 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 potential and not using a supportive and forward-thinking regulatory framework, which permits for innovation whereas making certain the soundness 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 can be displaying sturdy potential in following TNG Digital’s footsteps are corporations like Enhance (digital monetary companies arm of Axiata), Mushy House (who raised the biggest Collection C fundraising spherical in Malaysia up to now), and Neurogine (a quickly increasing participant within the funds house).
A catalyst for Malaysia’s digital economic system
Though the trail stays difficult, fintech leaders like TNG Digital play a catalytic position in accelerating Malaysia’s digital economic system.
By way of initiatives with MDEC, from incomes Malaysia Digital (MD) Status to collaborating within the FOX programme and Business Digitisation Initiative, TNG Digital is just not solely scaling its personal companies but in addition serving to digitalise SMEs and strengthen the native tech ecosystem.
For context, as an energetic participant in MDEC’s FOX programme, TNG Digital is supplied with assist in six key pillars—coverage, enterprise growth, funding facilitation, amplification, expertise enhancement, and mentoring. In different phrases, it’s outfitted with the instruments and data wanted to scale globally and proceed innovating.
Its joint effort with MDEC on tasks like MyCyberShield additional underscores a shared dedication to constructing public belief within the digital economic system by means of stronger cybersecurity.
Collectively, these initiatives amplify TNG Digital’s affect throughout areas akin to expertise improvement, 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 era of fintech champions is already inside attain.
- Be taught extra about TNG Digital here.
- Learn different articles we’ve written about Malaysian companies 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 function for the nation’s profit. / Featured Picture Credit score: TNG Digital
