Skip to main content

TNG Wallet raised $115 million Series A for expansion across Asia

TNG Wallet raised Series A funding US$115 million for service expansion into Asia. Digital wallets startup headquartered in Hong Kong on Monday announced it had been getting fresh money led by New Margin Capital. The latest investment makes the digital payment service platform has valuation of approximately US$565 million.

Tinuku TNG Wallet raised $115 million Series A for expansion across Asia

SINO Dynamic Solutions Limited which operates TNG Wallet says the new fund will be used to develop blockchain technology, artificial intelligence (AI) and registration services. They also intend to acquire several other companies and accelerate expansion into South Asia and Southeast Asia.

TNG Wallet was founded by Alex Kong in January 2013 as an e-wallet service provider that supports peer-to-peer money transfers, bill payments, top up SIM, and more. The application has been downloaded 600,000 times per September 2017 and monthly transactions of US$80 million.

Currently TNG Wallet already has 300 employees and has several strategic investors such as Taiwan's Nogle Group and Infinity-KBR Group. Kong said TNG had 70 percent market share in remittance flows from Hong Kong to Indonesia and from Hong Kong to the Philippines.

In 2016, the company created an interstate transfer network called the Global E-Wallet Alliance and partnered in Indonesia, China, Philippines, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal, and Pakistan.

Cash withdrawals are free, but TNG takes transfer costs by 15 percent lower than the cost of normal remittances by competitors. In Southeast Asia, TNG Wallet collaborated with InDompet, TCash, GO-PAY, TokoCash and Xin Wallet, while the main competitors were GrabPay and True Money.

Comments

Popular posts

China's new energy vehicle market continues strong

Tinuku - China's new energy vehicle (NEV) sector continues to experience a major expansion in sales and production in the first half of 2018. The China Association of Automobile Manufacturers (CAAM) showed Wednesday that NEV sales increased 111.5 percent year-on-year to 412,000 units in the first six months and production rose 94.9 percent to 413,000 units.

China became the largest NEV market in the world for three consecutive years as it intensified efforts to encourage the use of NEVs to reduce environmental stress by offering tax exemptions and discounts on car purchases.


The government expects annual NEV output to reach 2 million by 2020 and NEV sales to make up 20 percent of the overall car market by 2025. CAAM reported at least 14.07 million vehicles sold in China in H1 or up 5.57 percent year on year.

The report also showed about 14.06 million vehicles were produced or up 4.15 percent and passenger car sales reached 11.78 million units with commercial vehicles of 2.29 milli…

European Union and ASEAN to restart Free Trade Agreement

Tinuku - European Union (EU) and ASEAN have agreed to restart the process of forming Free Trade Agreement (FTA). Singapore Prime Minister Lee Hsien Loong as ASEAN coordinator for EU-ASEAN relations said on Saturday to build a framework to identify potential sectors to finalize the deal.

Lee also said the EU and ASEAN had agreed to restart the process of establishing a free trade agreement between the two blocs. The EU and ASEAN launched talks towards a pact in 2007 but ignored the process two years later as the EU voted to negotiate bilaterally with each country.


"As coordinators, we look forward to forming a framework to identify where areas where we have the potential to make a deal," Lee said.

"Working on a deal may take longer than the end of the year. But if we can identify where the big opportunities are, our trade-offs, then I hope we will have better success," Lee said.

"One of the things we expect is that European nations are able to manage their soci…

Malaysia reviews potential of monopoly by Grab and Uber mergers

Tinuku - Malaysia's transport ministry said Wednesday it is studying the potential of monopoly in the ride-hailing market triggered by Grab and Uber mergers under several existing regulations. Uber Technologies Inc. sold their business in Southeast Asia to Grab in March in exchange for shares in a Singapore-based company.

The ministry said the land transport agency received many complaints about Grab raising tariffs since the merger. Grab has become the dominant player in the region. Last week, Singapore's anti-trust agency proposed a fine on Grab and Uber where mergers have reduced competition and suggested improvements such as the sale of a car rental business.


"What's imposed on taxi drivers will also be imposed on e-hailing drivers to get the driver's card. We know this is not a move that will please all parties, but we take a more balanced approach and create competition," said Transport Minister Anthony Loke

The monopoly review will be conducted by Mala…

Xiaomi makes boost in Indonesia to dominate Southeast Asian

Tinuku - Xiaomi Corporation plans to make a boost in the Southeast Asian market by opening 40 official outlets in Indonesia until the end of 2018 as the most important country in the region after being officially listed on the Hong Kong stock exchange. Manager of Xiaomi Indonesia, Steven Shi, said on Thursday the company will continue to record the company's glorious record.

The new giant smartphone maker based in Beijing is planning to open 40 official stores called Mi Store and maximize 50 service centers spread across Indonesia until the end of 2018 as a key country to continue to dominate the mobile phone market in Southeast Asia.


Xiaomi will also optimize Mi Credit and Mi Roaming recently launched. The company will do more activities aimed at strengthening relationships with Xiaomi users called Mi Fans including Mi Pop titles that have taken place in several cities in Indonesia.

Xiaomi is one of the fastest technology companies that earned a profit of CN¥100 billion in the fi…