Lazada leads $168m funding in Malaysia’s TNG eWallet

TNG Digital, the owner and operator of Malaysia’s largest e-wallet company Touch ‘n Go eWallet, has raised about $168 million in a its latest equity funding round led by Lazada Group, according to an announcement.

This funding round also saw follow-on investment by TNG Digital’s current shareholder and parent company Touch ‘n Go Sdn. Bhd. This new investment solidifies the collaboration between key segment leaders, one in e-commerce and one in digital financial services and payments, per the announcement.

“I’m extremely pleased to welcome Lazada to the Touch ‘n Go eWallet family. We feel this collaboration will bring next-level value propositions to users and merchant bases across the Lazada and Touch ‘n Go ecosystem. I look forward to seeing the teams roll out these exciting collaboration opportunities to our users,” said Effendy Shahul Hamid, Group Chief Executive Officer, Touch ‘n Go Group.

“The funding round also sets us up nicely for our next phase of growth. We will continue to expand in all areas of digital financial services and ensure that our user base is served in an innovative and inclusive manner,” added Effendy.

In the meantime, Alan Chan, Chief Executive Officer of Lazada Malaysia said, “We see digital payment services as a critical bolt-on to bring the best customer experience on Lazada. Lazada is fully committed to providing a seamless customer journey, as well as being a catalyst to stimulate capacity building among our sellers, primarily local SMEs and MSMEs. Our long-standing partnership with Touch ‘n Go eWallet has served our customers well, allowing buyers to check out easily and quickly. Today’s announcement fortifies that partnership and we are excited by the prospects it presents for both our companies.”

This round of funding brings the total amount raised by TNG Digital over the last 18 months to over RM 1bil. In addition to Touch ‘n Go and Lazada, other shareholders of TNG Digital include Ant Group, insurers AIA Group and US-based venture fund BowWave Capital.