CIMB Group-Ant Group e-wallet JV seeks to raise $150M – Reuters

Malaysia's TNG Digital Sdn. Bhd., operator of the Touch 'n Go e-wallet, is seeking to raise at least $150 million from global banks, asset managers and other investors, Reuters reported Jan. 21, citing four sources familiar with the matter.

TNG Digital is a 51/49 joint venture between CIMB Group Holdings Bhd.'s Touch 'n Go Sdn. Bhd. and China's Ant Group Co. Ltd.

The e-wallet operator is in advanced talks with investors for the potential fundraising, which could result in CIMB and Ant Group reducing their stakes. The partners, however, will continue to be the biggest stakeholders in the business after the fundraising, the sources said. The potential fundraising is expected to give TNG Digital a valuation of more than $700 million.

CIMB Group and Touch 'n Go declined to comment, while Ant Group said it would defer to its partners when asked for comment, Reuters said.