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Malaysia's Touch 'n Go completes e-payment JV with Alipay

Malaysia's CIMB Group Holdings Bhd. said the proposed joint venture between unit Touch 'n Go Sdn Bhd and Ant Financial Services Group's payment platform, Alipay, has been completed.

The new entity is called TNG Digital Sdn Bhd and will offer mobile e-wallet services in Malaysia. Touch 'n Go owns a majority stake in the unit, while Alipay holds a minority stake, according to a Feb. 14 bourse filing.