Touch ‘n Go Group announced Monday that TNG Digital Sdn Bhd, the owner and operator of Malaysia’s largest eWallet company Touch ‘n Go eWallet, has raised MYR750 million ($168.39 million) from its latest round of equity funding.

This funding round was led by a new investment in TNG Digital by Lazada Group and a follow-on investment by TNG Digital’s current shareholder and parent company Touch ‘n Go Sdn. Bhd, Touch ‘n Go Group said in a statement.

This round of funding brings the total amount raised by TNG Digital over the last 18 months to over MYR1 billion ($220 million). 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.

According to Touch ‘n Go, this new investment solidifies the collaboration between key segment leaders, one in e-commerce and one in digital financial services and payments.

“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,” he added.

In the meantime, Alan Chan, Chief Executive Officer of Lazada Malaysia said he sees 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 small and medium-sized enterprises (SMEs) and micro, small and medium-sized enterprises (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,” he said.

Touch ‘n Go Group is Malaysia’s financial-technology enterprise with a key focus in the country’s transportation ecosystems and platform-based payments infrastructure. It comprises the service offerings of Touch ‘n Go Sdn Bhd, a wholly owned subsidiary of CIMB Group and TNG Digital, a joint venture between TNG and Ant Group, parent company of Alipay, China’s largest digital payments platform.

Established in 2017, TNG Digital is the owner and operator of TNG eWallet which has over 16 million registered users in Malaysia.

Combining TNG’s strong domestic brand, dominance in toll, transit and parking use cases and nationwide user base, together with Ant’s deep domain expertise and leading the development of open platforms for technology-driven inclusive financial services, the TNG eWallet provides financial services and payments services to both retail users and small to mid-sized businesses, across physical and online infrastructure.

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