The fundraising will likely give the venture a $700m valuation.
A Malaysian e-wallet operator jointly owned by CIMB and China’s Ant is in advanced talks with investors to raise at least $150m to fund its expansion plans, reports Reuters.
TNG Digital is negotiating with global banks, asset managers and others, with two sources saying the fundraising is expected to give the e-wallet firm a valuation of more than $700m and it could end up raising about $250m in total this year.
The sources said the new fundraising will result in CIMB and Ant paring their stakes but they will remain the biggest investors in the business. CIMB and its unit Touch ‘n Go own 51% of TNG Digital whilst Ant owns the remaining 49%.
TNG Digital has secured approval from the Malaysian securities regulator to directly distribute capital market products including money market unit trust funds. It is partnering with Principal Asset Management, one of the country’s biggest fund managers.
Here’s more from Reuters.
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