The operator of one of Malaysia’s most popular e-wallet apps is the country’s newest unicorn — a start-up valued at over US$1 billion ($1.29 billion) — joining Carsome Group, which operates a used-car online marketplace in Southeast Asia.
The nation aims to identify five unicorns by 2030, Second Finance Minister 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, a CIMB Group unit.
“The business is growing very nicely, very well,” Sidhu said.
