TNG eWallet has reported its first annual profit since launching eight years ago, marking a significant milestone in its evolution from a digital payments platform into a broader financial and lifestyle ecosystem. The company posted a profit after tax of RM103.23 million for FY2025, while revenue climbed 71.7% year-on-year to RM707.28 million. Notably, more than half of the company’s revenue now originates from businesses outside its traditional payments operation.
The performance highlights how digital wallet providers across Asia are increasingly diversifying revenue streams beyond transaction fees, leveraging large user bases to build financial services, commerce, travel, and advertising ecosystems.
Non-Payment Services Drive Growth
TNG Digital’s financial services division, cross-border payments business, merchant solutions, and advertising operations have become key contributors to overall revenue growth.
Cross-border and international services now account for approximately 10% of total revenue, reflecting growing demand from Malaysian consumers for overseas payment and travel-related services. The company reported that transaction volumes from these services are approaching RM1 billion per month.
The business-to-business segment, which includes merchant advertising solutions, digital infrastructure services, and value-added merchant tools, contributes a further 6% of revenue.
The results underscore a broader industry trend where digital wallets are seeking to reduce dependence on payment margins by monetising adjacent services and customer engagement channels.
Building National Digital Infrastructure
Beyond consumer payments, TNG Digital has increasingly positioned itself as a technology infrastructure provider.
One example is its role in supporting Malaysia’s Budi95 fuel subsidy programme. The project required integration with multiple fuel providers, thousands of service stations, government databases, identity verification systems, and real-time subsidy calculations.
The implementation demonstrated the company’s ability to manage large-scale digital infrastructure projects involving both public and private sector stakeholders, further expanding its role beyond consumer-facing financial services.
Moving Towards AI-Driven Experiences
Alongside its financial results, TNG eWallet unveiled a redesigned application experience focused on search and discovery.
The new interface centres around four key service hubs covering financial services, bill payments, local merchant offers, and transportation. The company is increasingly using customer interactions and search behaviour to shape product development and personalise user experiences.
Management indicated that the long-term vision is to simplify navigation through AI-powered interactions, reducing the need for traditional menu-driven app experiences.
The platform currently serves 26 million verified users, including 13.5 million monthly active users who engage with the application an average of twice per day.
As competition intensifies across Southeast Asia’s digital wallet market, TNG Digital’s profitability milestone demonstrates the growing importance of ecosystem expansion, embedded financial services, and AI-enabled customer experiences as key drivers of sustainable growth.
What this means for the industry
- Digital wallets are rapidly evolving into full-service financial ecosystems rather than standalone payment applications.
- Diversified revenue streams are becoming critical as payment margins continue to face competitive pressure.
- Cross-border payments are emerging as a major growth opportunity for wallet providers across Asia.
- AI-driven search and personalised user experiences are becoming central to the next generation of digital wallet platforms.
- The success of TNG eWallet highlights how large consumer platforms can monetise financial services, merchant solutions, advertising, and digital infrastructure alongside payments.
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