China’s New Mar­gin Cap leads $115 mn se­ries A round in TNG Fin­tech Group

Mint Asia ST - - Inside - BCY HALIDA E KVITTHAYAVECHNUKUL

TNG

Fin­tech Group has closed a $115-mil­lion se­ries A round at a post-money val­u­a­tion of $565 mil­lion, a new record for the largest-ever se­ries A round by a start-up in Hong Kong.

The round was led by New Mar­gin Cap­i­tal, a Chi­nese pri­vate equity firm in­vest­ing over $1.7 bil­lion in more than 160 com­pa­nies with 40 suc­cess­ful ini­tial pub­lic of­fer­ing (IPO) ex­its, the com­pany an­nounced on 11 Septem­ber.

Other strate­gic in­vestors in the round in­cluded Tai­wanese ven­ture stu­dio Nogle Group and In­fin­ity-kbr Group.

TNG Fin­tech Group pro­vides sev­eral fi­nan­cial ser­vices in­clud­ing elec­tronic pay­ments, per­son-to-per­son (P2) money trans­fers, global re­mit­tances and global cash with­drawals through its-e-wal­let plat­form.

The firm will use the lat­est pro­ceeds to sup­port its global ex­pan­sion strat­egy, to fund new ac­qui­si­tions and to in­vest in new tech­nolo­gies such as blockchain, ar­ti­fi­cial in­tel­li­gence, Chat­bot and E-KYC (know your cus­tomer) plat­form.

“TNG is ag­gres­sively push­ing for­ward with con­tin­u­ous in­no­va­tion. 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,” said TNG Fin­tech’s chair­man and CEO Alex Kong.

TNG plans is to launch the ser­vices in Sin­ga­pore, the Philip­pines, In­done­sia and Malaysia as next des­ti­na­tions and fur­ther ex­tend its pres­ence in Europe later on.

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