TNG will invest $20 million to launch a local electronic wallet in the UK, becoming the first Asian FinTech company to access the European market with a next-generation financial services offering.
With the service launch, TNG users will be able to make secure and instant money transfers in and out of the UK.
Outbound remittances from the UK were estimated by the World Bank to be approximately £16.5 billion ($174.29 billion) last year, with the lion share flowing to Asia and the Middle East.
The agreement builds on TNG's existing partnership with Tranglo covering Asian markets. Tranglo is a payment gateway with money service business licenses for the UK, Malaysia, Singapore and Indonesia.
TNG is reporting double-digit growth in monthly transaction volumes month-to-month. The company generated over US$1 billion worth of transactions in the first two years of launch, and last year raised a record US$115 million during a Series A funding round. The company secured a stored value facilities license from the HKMA in August last year.
“As a global market leader with the “know-how” to roll out e-wallet platforms, we will ride on the success of TNG Wallet in Hong Kong and duplicate our expertise and experience in Europe, TNG CEO Alex Kong said.
“The launch of the UK e-wallet will demonstrate TNG’s continued innovation to meet the needs of UK consumers initially, and then expanding to the rest of Europe."