AIA Malaysia reveals that it will be acquiring a minority stake in
TNG Digital, which is the owner of
Touch ‘n Go digital wallet. This deal will reportedly be a key part of a long-term strategic partnership.
The Edge reported that this transaction should make AIA the fourth listed shareholder of TNG Digital. The firm will be joining others with a stake in the firm, including
CIMB Group Holdings, China’s Fintech giant
Ant Group as well as New York’s investment company
Bow Wave Capital Management.
The report from the news outlet cited a source that revealed that this deal may value TNG Digital at around $700 million or about RM 3 billion.
KUALA LUMPUR (July 26): Insurer AIA Group is emerging as the fourth shareholder of TNG Digital Sdn Bhd, the e-wallet unit of Touch ‘n Go Sdn Bhd, sources say.
AIA Group is investing in TNG Digital via the participation in the latest round of capital raising, which values TNG Digital at about US$700 million or approximately RM3 billion, said a source familiar with the matter.
Beside AIA, other shareholders of TNG Digital are Touch ‘n Go, which is a wholly-owned unit of banking giant CIMB Group Holdings Bhd, China’s Ant Group and New York-based investment firm Bow Wave Capital Management.
Data Vantage: GrabPay and other SE Asian fintech startups pocket more capital
June 29, 2021
With the spread of COVID-19 driving the adoption of fintech solutions across Southeast Asia, leading tech startups are in a good position to raise more capital.
Within the past week alone, DealStreetAsia – DATA
VANTAGE identified three major updates by homegrown fintech firms.
Singapore’s
GrabPay received $55 million in additional capital from its parent company, A6 Holdings Inc, an entity under
Grab Holdings Inc that houses most of the ride-hailing giant’s fintech operations.
Last month, GrabPay secured a partnership with Silicon Valley-based Stripe to enable businesses in Singapore and Malaysia to offer GrabPay Wallet as a payment method through Stripe’s platform. The partnership is expected to cover other markets in Southeast Asia.
Bangkok, Thailand. Photo by Aaron Thomas on Unsplash
April 15, 2021
Southeast Asia-based startups kicked off 2021 in style, raising a record $6 billion in the first quarter of the year. Deal count, too, jumped amid signs of economic recovery and mass inoculation programmes to curb COVID-19 across the region.
According to our latest report, companies in the region inked at least 211 deals in the first quarter to raise close to 70% of the total capital secured in 2020. Of this, $4 billion was raised by ride-hailing giant Grab and Indonesia-headquartered logistics firm J&T Express both companies raised $2 billion each as they prepare for their public market debut in the US.