TNG Digital Sdn Bhd, Malaysia’s largest fintech company, has reached unicorn status and will weigh an initial public offering (IPO), according to shareholder CIMB Group Holdings Bhd.
“We are very confident that TNG is already qualified as a unicorn,” Gurdip Singh Sidhu, country head of Malaysia, CIMB Bank Bhd told reporters today.
“The question of IPO is something we will assess, but it’s not something we are rushing into,” Sidhu said.
The operator of one of Malaysia’s most popular e-wallet apps is the country’s newest unicorn – a startup valued at over US$1 billion – joining Carsome Group, which operates a used-car online marketplace in Southeast Asia.
The nation aims to identify five unicorns by 2030, finance minister II Amir Hamzah Azizan said at a fintech conference in Kuala Lumpur.
“TNG Digital turned profitable this year,” said Sidhu, who also heads the bank’s digital businesses.
The fintech firm is 45%-owned by Touch ‘n Go Sdn Bhd, a CIMB Group unit.
“The business is growing very nicely, very well,” Sidhu said.
