TNG FinTech closes $115m funding round
Written by Chris Lemmon
Hong Kong-based digital wallet firm TNG FinTech has completed a $115 million Series A funding round, led by Chinese private equity firm NewMargin Capital.
The round values the startup at $565 million, with TNG claiming that the deal is the largest Series A funding round raised by any startup in Hong Kong and any FinTech firm worldwide.
A spokesman for the TNG said that the new version of its electronic wallet will be available in Hong Kong at the end of the year. The new version of the electronic wallet will use new technologies such as blockchain and artificial intelligence to provide more features for users.
The money raised in the funding round will be used to support the firm’s global expansion, with sights set on Singapore, Japan, the Philippines, Malaysia and the UK.
Alex Tong, chairman and CEO of 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.”