Kuala Lumpur, Malaysia – TNG Digital, owner and operator of Touch ‘n Go eWallet, has raised RM750m from its latest equity funding, which will be used to expand its digital financial services.
The equity funding was made through an investment by the Lazada Group, as well as from its parent company Touch ‘n Go Group. This new investment solidifies the collaboration between key segment leaders, one in e-commerce and one in digital financial services and payments.
Effendy Shahul Hamid, group chief executive officer at Touch ‘n Go Group, said, “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.”
Meanwhile, Alan Chan, chief executive officer at Lazada Malaysia, commented, “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.”
He added, “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.”