KUALA LUMPUR (June 4): TNG Digital Sdn Bhd is banking on cross-border transactions to drive its next phase of growth as non-payment income overtook payments revenue for the first time.

Cross-border services have emerged as one of the fastest-growing segments for the operator of TNG eWallet, said chief executive officer Alan Ni. Cross-border, remittance and international services now account for about 10% of total revenue from nearly nothing just a few years ago, he noted.

The business is now generating several hundred million ringgit in transaction value monthly and is approaching RM1 billion in monthly total payment volume, Ni said.

The company, indirectly 45.01%-owned by CIMB Group Holdings Bhd (KL:CIMB), now has financial services, travel, remittances, merchant solutions and lifestyle offerings on its TNG eWallet platform.

TNG eWallet currently serves more than 26 million verified users, of whom 13.5 million are active monthly users. Active users engage with the platform about twice a day on average, according to the company.

A significant portion of overseas transaction activity comes from China, where QR payments remain widely used, although spending patterns differ across markets such as Singapore, Thailand and Japan.

Ni also outlined the company's strategy for participating in Malaysia's emerging open finance ecosystem, which is expected to allow consumers to access and manage financial information across different institutions through a more integrated framework.

He said TNG Digital has already volunteered to be among the early participants in open finance initiatives, which could enable the possibility of consumers viewing balances across banks and digital wallets within a single platform. "I think that would be fantastic,” Ni said.  

There is also less urgency to raise funds now after the company achieved its first-ever annual profit in 2025, Ni said, noting that the company's shareholders are strategic investors. 

Ant Group, the fintech company backed by Chinese billionaire Jack Ma, has about 35% stake in TNG Digital while American insurer AIA has 3% and Singapore-based online commerce platform operator Lazada has 11%. The rest is held by New York investment firm Bow Wave Capital Management.

"Whether it's going to be two years or one-and-a-half years or three years, I cannot say right now. But I will say it is something that will happen naturally," he said.

Despite its growing financial services footprint, Ni said obtaining a banking licence is not currently a priority for the company. Instead, TNG Digital intends to continue working with banks and financial institutions through partnerships, he stressed.

"I would rather be partners,” Ni said. “I want to partner with various financial institutions, banks included, to nurture products together rather than become a very siloed business ourselves.”