[Written in partnership with Malaysia Digital Economy Corporation (MDEC), but the editorial team had full control over the content.]
Few apps are as ingrained in Malaysian life as TNG eWallet.
With over 24 million verified customers, it has turn into greater than only a strategy to go cashless. At present, many individuals use it to avoid wasting, borrow, insure, make investments, and even ship cash overseas.
That reinvention has now been validated on the worldwide stage. In 2025, TNG Digital Sdn Bhd, the Malaysia Digital (MD) standing firm behind TNG eWallet, achieved unicorn status with a valuation of over US$1 billion, whereas additionally turning worthwhile.
This milestone caps off a journey that began in 2017 when TNG Digital was based. 8 years later, the model has remodeled TNG eWallet from an easy eWallet into a life-style fintech app.
Right here’s how the model developed and what’s subsequent for them.
From funds to a life-style tremendous app
To not be confused with Contact ‘n Go (a separate firm 100% owned by CIMB Group), TNG Digital was based in 2017 by a strategic partnership between Contact ‘n Go and Ant Group, AKA the proprietor of China’s Alipay.
Combining Ant Group’s fintech experience, TNG Digital launched TNG eWallet a 12 months later to drive cashless adoption in Malaysia. Whereas TNG eWallet initially targeted on toll and QR code funds, evolving person behaviour quickly pushed the app into broader monetary companies.
“Malaysians more and more sought extra than simply cost performance. They wished a platform that might assist them save, make investments, insure, borrow, and usually make their day by day lives extra handy,” stated Alan Ni, the CEO of TNG Digital.
In response, the eWallet app expanded its companies to fulfill the demand.
That’s how GO+, a money-market fund, SafeTrip journey insurance coverage, CashLoan, and GOrewards have been launched, remodeling TNG eWallet right into a complete life-style tremendous app.
“The evolution has not solely deepened engagement with customers but in addition paved the way in which for profitability, achieved in Q3 2024, and future sustainable progress.”
Innovation constructed round actual wants
Of the various companies supplied, a number of have been pivotal to TNG Digital’s transformation and progress.
TNG eWallet’s GO+ is one which many customers can be aware of. Launched in 2021, it permits Malaysians to start out saving and incomes day by day returns of as much as 3.5% each year with an funding capital of as little as RM10.
This lowers the barrier to entry for wealth-building and encourages extra folks to take part within the monetary ecosystem. Equally, TNG eWallet’s CashLoan additionally makes financing extra accessible to the lots.
“30% of our debtors have been beforehand not within the credit score bureau, making it troublesome for them to entry credit score amenities from typical monetary establishments,” shared Swofilen Y. (Filen), Director of Innovation at TNG Digital.
By providing small and manageable financing, CashLoan helps these people formally enter the bureau and begin constructing a optimistic credit score historical past, opening doorways to extra credit score choices sooner or later.
“Our area of interest lies in delivering accessible monetary companies and merchandise that drive monetary inclusion. This implies making it easy for everybody, even first-time customers, to navigate our choices and reducing obstacles to entry so extra Malaysians can take part within the digital financial system.”
The transition wasn’t with out challenges.
Making certain compliance with strict laws whereas holding merchandise easy required a compliance-first strategy. With person security and confidence at its core, customers can relaxation assured that TNG Digital is regulated by each Financial institution Negara Malaysia (BNM) and the Securities Fee.
A trusted companion in Malaysians’ day by day lives
Whereas the identify TNG eWallet stays acquainted to customers, the app in the present day goes far past funds.
Its staff develops merchandise with three key standards in thoughts: relevance to the day by day lives and monetary wants of customers, solves actual ache factors, and enhances the present platform.
“Innovation isn’t nearly launching new merchandise; it’s about discovering the proper steadiness between person wants and enterprise targets. Generally which means introducing one thing totally new, however usually it’s about repeatedly bettering current options, in order that they ship larger worth and a greater expertise,” Filen added.
This philosophy ensures the app caters to each digital natives and first-time customers as effectively, with superior options for digital natives layered on high of easy and guided core features.
Such technique has paid off, with the model observing an rising variety of customers holding extra funds of their TNG eWallet steadiness and spending extra by the platform.
Filen even shared {that a} important variety of its GO+ customers have maxed out the earlier funding restrict of RM10,000. This indicated sturdy demand and, extra importantly, person confidence.
It’s what led to the restrict increment, so customers can now make investments as much as RM20,000 on GO+.
“We go above and past what’s required of an e-money platform. For instance, BNM mandated 5 security and safety measures for banks. We carried out all 5 voluntarily, 4 months forward of the banks. This proactive strategy displays our dedication to safeguarding our customers’ belief,” Alan shared.
No indicators of slowing, solely contact ‘n “develop”
At present, TNG Digital serves over 24 million verified eKYC customers, masking 85% of Malaysia’s grownup inhabitants.
The platform connects customers with greater than 2 million service provider touchpoints nationwide, processing over RM16 billion in funds every month.
With the model now additionally attaining unicorn standing (the primary fintech unicorn in Malaysia so far), TNG Digital has grown to turn into one of many nation’s high shopper fintech service suppliers.
A part of this achievement will be attributed to TNG Digital’s ongoing collaboration with Malaysia Digital Financial system Company (MDEC).
“As a MD standing firm and an lively participant within the MDEC Founders Centres of Excellence (FOX) programme, TNG Digital has been capable of faucet into incentives, rights, and privileges that assist the expansion of high-potential native tech corporations whereas strengthening its position within the international digital financial system,” stated MDEC’s CEO, Anuar Fariz Fadzil.
Within the years forward, TNG Digital goals to play an excellent larger position in connecting folks, companies, and alternatives within the digital financial system, serving to each people and small enterprises develop. All whereas strengthening Malaysia’s place as a frontrunner in digital monetary companies.
Though there are not any quick IPO plans, its new unicorn standing highlights TNG Digital’s place in Malaysia’s wider ambition to construct a minimum of 5 homegrown unicorns by 2030.
In doing so, TNG Digital not solely cements its personal place as a market chief, but in addition raises the bar for what’s potential in Malaysia’s fintech panorama.
- Be taught extra about TNG eWallet here.
- Learn different articles we’ve written about Malaysian companies here.
Featured Picture Credit score: TNG Digital
