TNG Digital has raised RM750 million from its latest round of equity funding led by Lazada Group and Touch ‘n Go. According to TNG Digital, this new investment solidifies the collaboration between key segment leaders, one in eCommerce and one in digital financial services and payments.
#1 Collaboration Between Lazada and TNG Digital
The segment leaders have collaborated before this investment. Since 2019, Touch ‘n Go eWallet has been offered as a payment option on Lazada Malaysia.
Lazada and TNG eWallet also tied up in 2020 for a RM6 million #KitaBantuKita incentive programme to boost greater use and adoption of digital platforms and payments among consumers and businesses in Malaysia, especially SMEs.
With this investment, there is no doubt that the collaboration will be strengthened. Touch ‘n Go Group's CEO, Effendy Shahul Hamid, said: “We feel this collaboration will bring next-level value propositions to users and merchant bases across the Lazada and Touch ‘n Go ecosystem.”
#2 Lazada Becomes Shareholder of TNG Digital
With the RM750million investment, the eCommerce player Lazada Group becomes one of the shareholders of TNG Digital Sdn Bhd.
TNG Digital’s parent company, Touch ‘n Go Sdn Bhd, made a follow-on investment to solidify its position as the biggest shareholder of TNG Digital.
Besides Touch ‘n Go and Lazada, other TNG Digital shareholders including Ant Group, AIA Group and US-based venture fund BowWave Capital.
#3 Lazada's Funding Sets TNG Digital Up For The Next Phase of Growth
Touch ‘n Go group chief executive officer (CEO) Effendy Shahul Hamid said: “I look forward to seeing the teams roll out these exciting collaboration opportunities to our users. 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 said in a statement yesterday.
Lazada will continue to provide seamless customer journey
Lazada Malaysia's CEO, Alan Chan, said the company sees digital payment services as a critical bolt-on to bring the best customer experience on Lazada.
Alan Chan said: “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.”
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