Malaysia just got its newest unicorn, and it’s probably in your pocket right now. That’s right. TNG Digital, the company behind the wildly popular Touch ’n Go eWallet, has officially crossed the US$1 billion valuation mark, joining the exclusive global unicorn club. According to CIMB Malaysia CEO, Gurdip Singh Sidhu, the company has already met the criteria to be classified as a unicorn, a privately-held startup valued at over US$1 billion.
This milestone isn’t just a win for TNG Digital. It’s a major moment for Malaysia’s fintech landscape and a clear step toward the government’s ambitious goal: to identify and nurture at least five unicorns by 2030.
From Toll Gates to Tech Titan
Most Malaysians are familiar with the TNG brand. From topping up toll cards to paying for your roti canai at a mamak stall, the Touch ‘n Go name has become synonymous with everyday convenience. But few realize just how fast the company has grown in the digital space.
Launched in 2017 as a joint venture between Touch ’n Go and Ant Financial (yes, the same giant behind Alipay), TNG Digital has transformed from a convenient payment tool into a fintech powerhouse.
Today, it boasts a user base of over 23 million verified users, covering almost the entire adult population in Malaysia. And it doesn’t stop there, the app supports payments at more than 2 million merchants nationwide, making it one of the most pervasive digital wallets in the country.
Profitable, Scalable, And Not Rushing an IPO
After several years in the red, TNG Digital finally turned profitable in early 2025, a milestone that cements its viability as a serious fintech contender.
Revenue surged by 62% year-on-year to RM234 million in FY2023, and net losses shrank to RM190 million, showing strong financial momentum.
And yet, despite ticking the unicorn box and generating healthy growth, CIMB says there are no immediate plans for an IPO.
“The question of IPO is something we will always assess, but it’s not something we are rushing into,” said Gurdip. In other words: they’re playing the long game.
This strategy might seem surprising, but it’s also smart. With the recent volatility in tech stocks and ongoing global economic uncertainties, TNG Digital is choosing stability and scale over speed.
A Who’s Who of Investors
Backing a unicorn isn’t for the faint-hearted, or the undercapitalized. TNG Digital’s shareholders include some of the biggest names in tech and finance:
- Touch ’n Go Sdn Bhd (45.01%)
- Antfin Singapore Holding Pte Ltd (23%)
- Alipay Singapore Holdings (11.62%)
- LazadaPay Holdings (11.38%)
- AIA Bhd (3%)
- ASP Malaysia LP (5.99%)
Together, this elite investor lineup is betting big on Malaysia’s digital future, and clearly, that bet is paying off.
Aligning with Malaysia’s Tech Ambitions
TNG Digital’s rise couldn’t have come at a better time.
Earlier this week, Finance Minister II Datuk Seri Amir Hamzah Azizan reiterated the government’s vision of building five Malaysian unicorns by 2030, backed by major initiatives like the RM120 billion GEAR-uP programme and the MyDIGITAL blueprint.
TNG Digital is now the first fintech unicorn to emerge under this national vision, and its success sends a strong signal: Malaysia can produce world-class digital companies.
What’s Next for TNG Digital?
With profitability secured and a user base that spans nearly the entire adult population of Malaysia, the big question now is: What’s next for TNG Digital?
Will they set their sights beyond our borders and expand across Southeast Asia?
Could they unlock new revenue streams by venturing into microloans, insurance, or digital wealth management?
And perhaps most anticipated of all, when will they go public? Because at this point, it’s not a matter of if, but when.
Whatever path they choose, one thing is clear: TNG Digital’s unicorn status isn’t just a milestone, it’s a message. A message that Malaysia’s fintech ecosystem is maturing fast, and ready to play on the world stage.
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