This article first appeared in The Edge Malaysia Weekly on September 14, 2026 - September 20, 2026

SOUTHEAST Asia’s (SEA) fintech space appears to be heating up.

TNG Digital Sdn Bhd, the operator of Malaysia’s most widely used e-wallet, TNG eWallet, recently sounded out several investment banks for a potential listing on Bursa Malaysia, sources say.

“[TNG Digital] invited a few local and foreign investment banks to advise on a potential listing several weeks ago,” a source tells The Edge.

The development comes as Mynt Inc, the parent company of Philippine e-wallet giant GCash, moves closer to its planned debut on the Philippine Stock Exchange (PSE), which is poised to be the region’s largest e-wallet listing.

The Philippines Securities and Exchange Commission earlier this month approved Mynt’s proposed initial public offering (IPO) that seeks to raise as much as PHP92.32 billion (US$1.48 billion or RM6 billion).

Mynt, whose shareholders include Globe Telecom, Ant Group, Ayala Corp and Mitsubishi UFJ Financial Group, had filed for the IPO in late June. According to reports, it is targeting an October listing, which is expected to be the largest ever on the PSE.

When contacted by The Edge, TNG Digital CEO Alan Ni acknowledges that the company had held recent “discussions” with investment banks on an IPO. However, he stresses that it is in no rush to go to market, a position he has consistently maintained when questioned by the media about an IPO.

“We are making serious preparation,” he says, adding that the company is on a strong growth trajectory. “Our numbers are very promising, and an IPO is something we’re working towards; but, there are still many months between engaging with investment banks and actually getting it done. It’s a lengthy process.”

He declines to commit to a timeframe for the IPO, but rules out this year.

CIMB Investment Bank Bhd is expected to lead the charge when the IPO happens, in dustry sources say.

CIMB Group Holdings Bhd (KL:CIMB) — owner of CIMB Investment Bank — is TNG Digital’s biggest shareholder with a 45.01% stake held through Touch ’n Go Sdn Bhd, which runs the toll and parking payments business.

TNG Digital’s other shareholders are Ant International Technologies (HK) Holding Ltd (34.62%), Lazadapay Holdings Pte Ltd (11.38%), ASP Malaysia LP (5.99%) and insurer AIA Bhd (3%).

The prospect of a TNG Digital IPO gained momentum after it reported its maiden profit last year. The company had been loss-making for seven years from the time it began operations in March 2018.

It posted a profit after tax (PAT) of RM103.23 million in the financial year ended Dec 31, 2025 (FY2025) compared with an after-tax loss of RM42.48 million in FY2024. This was achieved on the back of a 71.7% increase in revenue to RM707.28 million, from RM411.92 million previously.

TNG Digital’s profit before tax (PBT) — a better gauge of underlying performance as it excludes the benefit of tax credits — came in at RM81.64 million in FY2025. In 1HFY2026, PBT stood at RM144.04 million, already 76.4% higher than the amount recorded for the whole of FY2025, on revenue of RM538.97 million.

“We are confident that PBT in 2026 is probably going to triple last year’s [RM81.64 million],” Ni shares.

He expects the growth to be fuelled by its non-payments business — which includes financial services such as wealth management and insurance and business-to-business (B2B) offerings — that carry better margins than the low-yield, high-volume payments business that first drove the company’s growth.

“We make money by cross-selling the different products, and our cross-border business is also doing well,” he says. “Non-payment revenue remains very strong with healthy margins, and that is driving much of our growth. At the same time, our digital business benefits from economies of scale.”

In a LinkedIn post two months ago, Ni shared that in the first half of this year, the company’s PBT margin doubled to 25% from 12% in FY2025.

“Today, ‘toll and parking’ contributes less than 3% of our revenue, while our domestic QR business accounts for less than 10%. At the same time, ‘beyond payments’ now contributes more than 50% of total revenue, ‘beyond Malaysia’ [cross-border business] contributes over 10% and ‘B2B businesses’ contribute more than 15%,” he said.

Mynt’s IPO will be closely watched as a key test of investor appetite for a major SEA fintech company.

GCash has some 94 million registered users in the Philippines. Interestingly, CIMB Group runs an all-digital mobile-first bank there called CIMB Bank Philippines, which it launched in 2019.

TNG eWallet has a verified customer base of about 26 million, of which 23 million are Malaysians — representing more than 85% of the country’s adult population.

Companies seeking to list on Bursa’s Main Market must either demonstrate an uninterrupted profit of at least three years, or have a total market capitalisation of at least RM500 million upon listing.

TNG Digital’s eventual listing is expected to be through the market cap route. In an interview with The Edge earlier in May, Ni said TNG Digital should “definitely” be able to meet the market cap threshold.

Mynt reportedly expects an initial market cap of PHP668.96 billion at listing. The PSE regulator has allowed it to have a lower minimum initial public float of 12%, which is below the standard 15% requirement for large issuers.

Mynt’s planned offer comprises up to 1.61 billion new common shares to be issued by the company and up to 6.42 billion existing shares to be sold by existing shareholders. It also includes an overallotment option of up to 1.2 billion shares. 

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