CIMB's e-wallet venture with Ant Group to close fundraising by mid-year

Malaysian bank CIMB Group’s e-wallet unit is looking to close by around mid-year fundraising in a joint venture with China’s Ant Group, the unit’s chief said in a press briefing on Monday.

Reuters reported in January that the joint venture, TNG Digital, was in advanced talks with investors to raise at least $150 million to fund expansion plans, at a valuation of more than $700 million.

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