Latest news with #GurdipSinghSidhu
The Sun
7 days ago
- Business
- The Sun
Banks, fintech players step up cross-border expansion and collaboration in Asean
KUALA LUMPUR: Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across Asean, adopting tailored strategies to strengthen their presence in the region's digital financial services landscape. Reflecting this regional shift, CIMB Bank Bhd and CIMB Malaysia CEO Gurdip Singh Sidhu said the bank is scaling its Asean presence through both physical expansion and cross-border digital offerings, a strategy that has enabled it to serve over 50 million users across Southeast Asia. 'We may historically be viewed as a legacy financial institution, but we are accelerating our digital transformation. At the same time, we are also the largest investor in Touch 'n Go Digital, which operates the largest e-wallet in Malaysia, and functions as a non-bank digital super app, facilitating smoother transactions. 'With Touch 'n Go eWallet now supported on the Alipay+ platform, cross-border payments are seamless for both foreign visitors and Malaysians abroad, while also enabling local small and medium enterprises to accept payments from international customers,' he said during a media panel session titled 'Going Beyond Borders: How Fintechs and Financial Institutions are Redefining Regional Scale' on Tuesday. On regional expansion, Gurdip highlighted CIMB's success in the Philippines, where the bank established a digital-first presence from the ground up in just six years. 'We partnered with the leading local e-wallet and initially offered banking products via their front end before launching our own app. Today, we serve nearly 10 million customers. All through digital,' he said. In support of broader regional integration, global digital payment and fintech provider Ant International is also strengthening cross-border infrastructure through its Alipay+ platform. Ant International general manager of global business services and support, Jake Xue, said the company is expanding its cross-border payment infrastructure and digital financial services to connect 1.7 billion users with over 100 million merchants worldwide. 'Malaysia is strategic to our global vision, not only as a gateway to Asean, but also as a source of diverse and digitally savvy talent,' he said, adding that the company plans to grow its Malaysian team to 1,000 employees by the year-end, up from 800 currently. On supporting startups with regional ambitions, Xue said Ant International forms strategic partnerships with both local and regional players. 'With startups, we co-develop solutions and provide global exposure through initiatives such as our 10x1000 Tech for Inclusion programme,' he said. Meanwhile Visa head of Products and Solutions for Regional Southeast Asia, Kim Hak, said cross-border payments remain complex and require careful planning and coordination, making interoperability and shared standards essential. 'It comes down to trust in the system. If a fintech enters the space without a proven track record, having consistent, recognised standards or interoperable frameworks helps build confidence – both for us as partners and for their ability to scale,' he said. Fintech Association of Malaysia president Anil Singh Gill said Bank Negara Malaysia (BNM) is now globally recognised as one of the most solid and competent regulators in terms of financial governance for both institutions and fintechs. 'BNM has clear guidelines like Risk Management in Technology, which help immensely. But what we may need next is open finance, this could introduce competition and transparency that further reinforces trust,' he said. Nexea CEO Ben Lim opined that corporate partnership can serve as a strong vote of confidence for startups, signalling they have passed due diligence and are ready to scale. 'For example, one of our other startups, Lapasa, grew 16 times – 1,600% in a single year – simply because it secured one large corporate client. Such clients can provide the leap needed for startups to go regional or even global,' he said. The media panel session was held on the sidelines of MyFintech Week 2025, which runs from Aug 4 to 7 and gathers nearly 1,000 industry leaders, regulators and innovators to explore the future of finance and technology. With the theme 'Ideate, Innovate, Co-create: Shaping the Future of Finance', the third edition of MyFW 2025 reinforces its role as Malaysia's flagship fintech event. The event is co-organised by BNM, the Securities Commission Malaysia, the Asian Institute of Chartered Bankers, the Fintech Association of Malaysia and the Malaysia Digital Economy Corporation. This year's programme features keynote addresses, panel discussions, masterclasses, workshops, and live demonstrations, spotlighting trends and solutions driving innovation and financial inclusion. – Bernama
The Star
05-08-2025
- Business
- The Star
TNG Digital in no rush to go public, says CIMB
CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu. PETALING JAYA: Touch 'n Go Digital Sdn Bhd (TNG Digital) has qualified as Malaysia's next unicorn, with CIMB Group confirming the homegrown eWallet operator has crossed the US$1bil valuation mark and turned profitable – but says there is 'no rush' to go public. CIMB Group, via 100%-owned Touch 'n Go Sdn Bhd, holds a 45.01% stake in TNG Digital, followed by Antfin Singapore Holding Pte Ltd at 23%, Alipay Singapore Holdings Pte Ltd at 11.62%, Lazadapay Holdings Pte Ltd at 11.38%, ASP Malaysia LP at 5.99%, and AIA Bhd at 3%. 'We are very confident TNG Digital is already qualified as a unicorn,' said CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu, who also heads CIMB's group digital business. His comments follow Finance Minister II Datuk Seri Amir Hamzah Azizan's remarks at the MyFintech Week 2025 launch yesterday, where the government reiterated its goal of identifying five local unicorns by 2030. If confirmed, TNG Digital – Malaysia's largest financial technology company – would join the ranks of Carsome Sdn Bhd, which reached unicorn status in 2021, and Edotco Group Sdn Bhd, the regional telecommunications tower company 63%-owned by Axiata Group Bhd . With TNG Digital now profitable, Gurdip said there is no immediate urgency to list the company. 'The question of initial public offering (IPO) is something we will always assess, but it's not something we are rushing into,' he told reporters on the sidelines of a media roundtable at MyFintech Week 2025. 'At this point, the business is growing nicely. 'We have started making profit after a few years of incubation. 'So the business is in good shape, but we are not rushing into an IPO per se yet.' Last September, Reuters, citing sources, reported that TNG Digital was eyeing a Bursa Malaysia listing in two to three years that could raise over US$300mil. As at March 2025, TNG Digital had 29.8 million registered users, up 10% year-on-year (y-o-y), with average transacting users at 14.9 million. In a written reply to StarBiz, TNG Digital said it has been recording consistent quarterly profits since the third quarter of 2024, supported by more than 24 million users verified via electronic Know-Your-Customer (e-KYC). 'Our platform continues to expand beyond payments, with rapid growth in financial services and lifestyle offerings,' it said. TNG Digital said its flagship financial product, GO+, continues to drive growth, now serving nearly 3.6 million active users – a 10% y-o-y increase – while assets under management have doubled over the same period to more than RM1.5bil. GO+ is a micro-investment feature that lets users earn returns on their eWallet balance. 'As a privately held company, we are unable to disclose further financial or operational details at this time.' While financial specifics remain limited, Gurdip highlighted the growing usage of the platform beyond payments. He noted that with over 24 million e-KYC verified users, the TNG eWallet is reaching 'almost every adult Malaysian.' He added that payment usage – where users load and spend via the wallet – remains the primary measure of market share. 'Then we look at what other financial services. That part is still relatively early days, but the trajectory is very, very positive.'
The Star
05-08-2025
- Business
- The Star
CIMB: No immediate plans for TNG Digital IPO
CIMB Bank Bhd and CIMB Malaysia's chief executive officer Gurdip Singh Sidhu KUALA LUMPUR: CIMB Group Holdings Bhd has no immediate plans to pursue an initial public offering (IPO) for TNG Digital Sdn Bhd. CIMB Bank Bhd and CIMB Malaysia's chief executive officer, Gurdip Singh Sidhu, said that the company is performing well, having begun to generate profit earlier this year and has already qualified as a unicorn. "The question of an IPO is something we will always assess, but it is not something we are rushing into. "At this point, the business is growing very nicely, very well. We have started making a profit after a few years of the incubation period, but we are not rushing into an IPO per se yet,' he told reporters after a media panel session held on the sidelines of MyFintech Week 2025 today. The fintech firm is 45.01 per cent owned by Touch 'n Go Sdn Bhd, a CIMB Group unit. In September 2024, TNG Digital announced plans for an IPO within the next two to three years, targeting to raise over US$300 million. Earlier, Finance Minister II Datuk Seri Amir Hamzah Azizan, in his special address at the MyFintech Week 2025, said the government aims to identify five unicorns by 2030. - Bernama
New Straits Times
05-08-2025
- Business
- New Straits Times
No immediate plans for TNG Digital IPO
KUALA LUMPUR: CIMB Group Holdings Bhd has no immediate plans to pursue an initial public offering (IPO) for TNG Digital Sdn Bhd. CIMB Bank Bhd and CIMB Malaysia's chief executive officer, Gurdip Singh Sidhu, said that the company is performing well, having begun to generate profit earlier this year and has already qualified as a unicorn. "The question of an IPO is something we will always assess, but it is not something we are rushing into. "At this point, the business is growing very nicely, very well. We have started making a profit after a few years of the incubation period, but we are not rushing into an IPO per se yet," he told reporters after a media panel session held on the sidelines of MyFintech Week 2025 today. The fintech firm is 45.01 per cent owned by Touch 'n Go Sdn Bhd, a CIMB Group unit. In September 2024, TNG Digital announced plans for an IPO within the next two to three years, targeting to raise over US$300 million. Earlier, Finance Minister II Datuk Seri Amir Hamzah Azizan, in his special address at the MyFintech Week 2025, said the government aims to identify five unicorns by 2030. -- BERNAMA
Malay Mail
05-08-2025
- Business
- Malay Mail
CIMB CEO says Touch ‘n Go operator already qualifies as a unicorn, but won't rush into launching IPO
KUALA LUMPUR, Aug 5 — TNG Digital Sdn Bhd, the operator of Touch 'n Go eWallet, reportedly has no immediate plans to pursue an initial public offering (IPO), despite already worth as much as a unicorn startup. Parent company CIMB Bank Bhd's chief executive officer Gurdip Singh Sidhu was quoted saying the company would continue to assess the possibility of an IPO but was not in a hurry to list. 'The question of IPO is something we will always assess, but it's not something we are rushing into,' he was quoted saying by The Edge Malaysia. 'At this point, the business is growing very well. We have started making profit after a few years of the incubation period,' he reportedly added. Bloomberg also quoted him saying that he is confident that TNG 'already qualifies' as a unicorn. A unicorn is defined as a private startup that is valued at over US$1 billion (RM4.8 billion), with online used car trading platform Carsome remaining the country's only one. This comes as Reuters previously reported that TNG Digital could go public within two to three years and raise US$300 million (RM1.27 billion). TNG Digital currently serves around 23 million verified users, nearly covering the entire adult population in Malaysia, according to Gurdip. He also expressed confidence that the company will achieve unicorn status by 2030 in line with the government's ambitions. Finance Minister II Datuk Seri Amir Hamzah Azizan earlier said in the same event that the government aims to identify five unicorns by 2030. This was a pivot from the previous stance taken by former economy minister Datuk Rafizi Ramli, who wanted the country to move from just producing unicorns into becoming the world's top 20 startup hub by 2030 up from the current top 50. TNG Digital is 45.01 per cent-owned by Touch 'n Go Sdn Bhd, a wholly owned unit of CIMB Group Holdings Bhd, while other shareholders include Antfin Singapore Holding Pte Ltd, Alipay Singapore Holdings Pte Ltd, Lazadapay Holdings Pte Ltd, AIA Bhd and ASP Malaysia LP.
