HK e-wallet firm TNG acquires Malaysia's Tranglo for US$28 mln
Hong Kong-based financial technology firm and e-wallet provider TNG has announced its acquisition of Tranglo Sdn Bhd, a cross-border mobile transaction firm, from Malaysian government-linked fund management firm Ekuiti Nasional Bhd (Ekuinas).
TNG paid US$28 million for a 60 percent stake in Tranglo.
Established in 2008, the Malaysia-based firm mainly facilitates cross-border airtime transfer and money remittance transactions among Southeast Asian countries, Hong Kong and mainland China. Its clients include Malaysian telecommunications firm Axiata, Singaporean telecoms operator Singtel, international money transfer platform Transferwise, and payments payout platform HyperWallet.
Tranglo was Ekuinas’ first investment in the technology, media, and telecommunications industry three years ago, having initially purchased a majority stake for about US$13 million, according to Reuters. Since the acquisition, Tranglo has grown its money remittance volume 15-fold, said Ekuinas chief executive Syed Yasir Arafat Syed Abd Kadir.
Tranglo holds money service business licenses in the United Kingdom, Malaysia, Singapore, and Indonesia.
Operating the e-wallet TNG Wallet in Hong Kong, TNG offers 24/7 cash in-cash out and remittance services through its network of banks and cash pick-up points worldwide. In 2017, it recorded over 2 million transactions worth more than US$400 million from about 91,000 users.
TNG’s business relationship with Tranglo has grown over the years. It has extended its partnership with Tranglo to the UK, bringing the business to the European market.
Alex Kong, TNG founder and chairman, said: "The acquisition builds on TNG’s long-standing relationship with Tranglo, which started in Asia.”
Riding on Tranglo’s network, TNG expects to tap into the 1.2 billion unbanked population in Asia.
– Contact us at [email protected]
BN/CG
-
Epidemic and 40-year-high inflation stalk HK migrants in UK Mark O'Neill
The website of the Trinity Church in Sutton, southwest London, is written in English and traditional Chinese – 歡迎香港人, Welcome Hong Kong people. “The middle of a pandemic is not an easy time to arrive
-
The privilege of shorter quarantine Ben Kwok
The nightmare of staying in a hotel for three full weeks might hopefully be over. Yesterday the National Health Commission announced to shorten the hotel quarantine period for people arriving in the
-
3D maps enhance disaster prevention and rescue Dr. Winnie Tang
Abnormal and even extreme weather has become more frequent. The Observatory forecasts that tropical cyclone incidence and total rainfall this year will be "normal to high". To be well-prepared, the
-
Ignoble ease Neville Sarony
There is no shortage of commentators, both lawyers and lay people, who feel entitled to criticize Hong Kong’s legal community for what these observers assert is a failure to stand up for the liberal
-
An imminent private housing supply chasm and its solutions Ryan Ip Man-ki, Jason Leung Yeuk Ho
As the 5th wave of Covid-19 gradually subsides, waves of new private housing projects are now under the spotlight. Intensifying competition among developers became the talk of the town after a
