Half its revenue now comes from services that have nothing to do with moving money
Seven years after launching Malaysia's most-used e-wallet, TNG Digital has crossed from ambition into profitability — not by doing more of what it was built to do, but by doing something different. The company's first full-year profit of RM103.23 million in 2025 reflects a deliberate turn away from thin-margin payments toward wealth management, insurance, and business services that reward scale with substance. It is a familiar arc in the story of platforms: build the crowd first, then discover what the crowd will pay for.
- TNG Digital reversed a RM42.48 million loss in 2024 to post a RM103.23 million profit in 2025 — a swing that signals the company has left its startup economics behind.
- Revenue surged 72% to RM707.28 million, but the more telling number is that half of it now comes from services that have nothing to do with moving money between accounts.
- Payments built the platform but couldn't sustain it — wealth management, insurance, and B2B offerings carry the kind of margins that actually compound into profit.
- With 26 million verified customers, TNG Digital now has the scale to make diversification work, turning a massive user base into a distribution engine for higher-value financial products.
- A potential Bursa Malaysia listing looms as the next threshold — one that could make TNG Digital the first fintech unicorn to debut on the Malaysian stock exchange and reframe how the market values the sector.
TNG Digital, the company behind Malaysia's most-used e-wallet, crossed a threshold in 2025 that its founders could not have guaranteed when they launched the TNG eWallet in March 2018. For the first time, the company derived half its revenue from services beyond payments — wealth management, insurance, and business-to-business offerings — and for the first time, it ended a full calendar year in the black.
The numbers tell a clean story. Profit after tax came in at RM103.23 million, reversing a RM42.48 million loss from the year before. Revenue grew 72% to RM707.28 million. The company now counts 26 million verified customers, making it Malaysia's largest e-wallet operator by a considerable margin.
The pivot was deliberate. Payments are inherently thin-margin work — you move money millions of times and keep a small slice of each transaction. The math works at scale, but it doesn't build wealth. Financial services and B2B offerings operate on different economics, and TNG Digital has spent years quietly building toward them. CEO Alan Ni confirmed that 2025 marked the company's first profitable full year, a milestone that signals the end of the growth-at-all-costs phase that defines most fintech startups.
What follows may be a listing on Bursa Malaysia. If it proceeds, TNG Digital could become the first fintech unicorn to debut on the Malaysian bourse — a moment that would mark not just the company's maturation, but the broader arrival of fintech as an established pillar of the Malaysian economy. Seven years from launch to profitability; the next chapter may be written in public.
TNG Digital, the operator behind Malaysia's most-used e-wallet, crossed a threshold last year that signals how the company has matured beyond its origins. For the first time since launching the TNG eWallet in March 2018, the company drew half its revenue from services that have nothing to do with moving money between accounts—wealth management, insurance, and business-to-business offerings that carry far healthier profit margins than the high-volume, thin-margin payments business that built the platform in the first place.
That strategic reorientation paid off in concrete terms. TNG Digital reported a profit after tax of RM103.23 million for the year ended December 31, 2025, a dramatic reversal from the RM42.48 million loss it posted the year before. Revenue climbed 72 percent to RM707.28 million. The company now serves 26 million verified customers, making it by a wide margin the largest e-wallet operator in Malaysia by user count.
The shift toward non-payment services was not accidental. Payments—the core business of any e-wallet—are inherently low-margin work. You move money, you take a small cut, you do it millions of times. The math works at scale, but the profit per transaction is thin. Financial services and B2B offerings operate on different economics. They carry what the industry calls "markedly better margins," meaning the company keeps a larger percentage of what it brings in.
Chief executive officer Alan Ni confirmed in an interview that 2025 marked the first full calendar year in which the company turned a profit. The milestone matters because it shows TNG Digital has moved beyond the growth-at-all-costs phase that characterizes most fintech startups. The company is now generating more money than it spends, and doing so while diversifying its revenue streams.
What comes next is a potential listing on Bursa Malaysia, Malaysia's stock exchange. If that happens, TNG Digital could become the first fintech unicorn—a privately held company valued at more than a billion dollars—to debut on the Malaysian bourse. A public listing would represent a full maturation of the company and signal to the broader market that fintech has moved from experimental to established.
The journey from launch to profitability took seven years. During that time, TNG Digital built a user base larger than the population of many countries, then figured out how to make money from it in ways beyond the obvious. That combination—massive reach plus diversified revenue—is what separates a platform from a utility, and what makes a company worth listing.
Citações Notáveis
Last year was the first time that we were profitable for the full year— Alan Ni, CEO of TNG Digital
A Conversa do Hearth Outra perspectiva sobre a história
Why does it matter that half the revenue now comes from non-payment services?
Because payments alone can't sustain a profitable business at scale. You're competing on speed and convenience, not price. The margins are razor-thin. Non-payment services—insurance, wealth management—those are where you actually make money.
So they built a massive user base first, then figured out how to monetize it?
Exactly. Twenty-six million customers is a moat. Once you have that many people in your ecosystem, you can offer them other things. They already trust you with their money.
The loss in 2024 was RM42 million. How does a company with 26 million users lose that much money?
Because growth and profitability are different things. They were investing heavily—building infrastructure, acquiring customers, developing new services. You can do that at a loss for years if you have backing.
What does a Bursa Malaysia listing actually mean for TNG Digital?
It means they're no longer private. They'll be accountable to public shareholders. But it also means access to capital markets, credibility, and the ability to use their stock as currency for acquisitions.
Is this a sign that Malaysian fintech has matured?
It's a sign that at least one fintech company has matured. TNG Digital is the exception, not the rule. Most fintech startups never reach profitability.