PETALING JAYA: eCommerce player Lazada Group has emerged as an investor in Touch ‘n Go eWallet’s operator, TNG Digital Sdn Bhd, which in turn is majority-owned by CIMB Group Holdings Bhd and China’s Ant Group.
It was announced yesterday that TNG Digital has raised RM750mil from its latest equity funding round, led by a new investment by Lazada and a follow-on investment by Touch ‘n Go Sdn Bhd.
However, the exact amount invested by Lazada was not disclosed.
Touch ‘n Go Sdn Bhd is the parent company of TNG Digital. The former is in turn wholly-owned by CIMB.
Touch ‘n Go group said the new investment solidifies the collaboration between key segment leaders, one in eCommerce and one in digital financial services and payments.
The latest round of funding brings the total amount raised by TNG Digital over the last 18 months to over RM1bil.
In addition to Touch ‘n Go and Lazada, other shareholders of TNG Digital include Ant Group, insurer AIA Group and United States-based venture fund BowWave Capital.
Touch ‘n Go group chief executive officer (CEO) Effendy Shahul Hamid said the collaboration with Lazada 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.
“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.
Meanwhile, Lazada Malaysia CEO Alan Chan said that digital payment services were “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 micro, small and medium enterprises.
“Our long-standing partnership with Touch ‘n Go eWallet has served our customers well, allowing buyers to check out easily and quickly,” he added.
Source: The Star