Hong Kong e-wallet provider TNG raises $115m

Hong Kong e-wallet provider TNG raises $115m

Hong Kong-based digital wallet outfit TNG FinTech has raised $115 million in a Series A funding round led by Chinese private equity group NewMargin Capital.

Taiwan's Nogle Group and Infinity-KBR joined the round, which values TNG at $565 million.

Launched nearly two years ago, the TNG Wallet enables global money transfers, P2P transfers, cash withdrawal and bill payments. Downloaded more than 600,000 times, it facilitates around $80 million in transactions a month.

The company is now setting its sights on new markets, launching a 'global e-wallet alliance' to move into a host of Asian countries, as well as the UK. The new money will help fund this, as well as investments in new technologies such as blockchain, AI, chatbots and an electronic KYC platform.

Alex Tong, chairman and CEO, TNG, says: "Leveraging our existing regional network, we will closely monitor developments in different markets, actively enhancing our business scope through potential acquisition opportunities, so as to fuel TNG’s pace of globalisation and our construction of a digital payment ecosystem on a global scale."

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