TNG Fintech

About TNG Fintech

TNG Fintech Group operates as a digital wallet platform, providing access to a range of financial services. The Hong Kong-based company was founded in 2013 by serial entrepreneur Alex Kong, who brought extensive experience in enterprise software development. His vision was to promote financial inclusion for the unbanked population, a mission that has driven the company's strategy. The firm initially focused its consumer-facing app on serving domestic helpers in Hong Kong who lacked local bank accounts.

The company's core product, TNG Wallet, launched in November 2015 and was among the first to secure a Stored Value Facilities (SVF) license from the Hong Kong Monetary Authority in 2016. This e-wallet enables users to perform a variety of transactions, including electronic payments, peer-to-peer money transfers, global bill payments, and cash withdrawals. It also supports global remittances to over 15 countries and foreign currency management. To expand its reach, TNG established the "Global E-Wallet Alliance," creating a network across 12 Asian countries. A significant milestone was the September 2017 Series A funding round, which raised US$115 million, setting a record for a Hong Kong startup at the time and valuing the company at US$565 million. Key investors included New Margin Capital, Nogle Group, and Infinity-KBR Group.

TNG Fintech's business model has evolved from a direct-to-consumer application to becoming a backbone for cross-border payments. The acquisition of Tranglo, a cross-border mobile payments facilitator, in 2018 was a key step in this transition, allowing TNG to act as a payout provider for other e-wallets and banks in Asia. This strategic shift positions the company to facilitate digital money flows for e-commerce and other services, partnering with major players like WeChat Pay and AliPay. The platform's services are available through a mobile application on both iOS and Android devices, and it offers different membership tiers based on transaction limits and features.