PETALING JAYA, TNG Digital Sdn Bhd, Malaysia’s largest fintech company, has achieved unicorn status and is considering a potential initial public offering (IPO), according to shareholder CIMB Group Holdings Bhd.
Gurdip Singh Sidhu, CIMB Bank Bhd’s country head for Malaysia.
“We’re confident that TNG has reached unicorn valuation,” said Gurdip Singh Sidhu, CIMB Bank Bhd’s country head for Malaysia, during a media briefing today.
“An IPO is something we will evaluate, but there’s no immediate timeline,” he added.
TNG Digital, the operator of one of Malaysia’s most widely used e-wallet apps, now joins Carsome Group—Southeast Asia’s online used-car marketplace—as the country’s latest startup valued at over US$1 billion.
Finance Minister II Amir Hamzah Azizan recently stated that Malaysia aims to identify five unicorns by 2030, speaking at a fintech conference in Kuala Lumpur.
“TNG Digital turned profitable this year,” said Sidhu, who also oversees the bank’s digital businesses.
The fintech company is 45% owned by Touch ‘n Go Sdn Bhd, a subsidiary of CIMB Group.
“The business is experiencing strong and healthy growth,” Sidhu noted.
