TNG will invest $20 million to launch a local electronic wallet in the United Kingdom becoming the first Asian financial technology 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 U.K. 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 U.K., Malaysia, Singapore and Indonesia.
Outbound remittances from the U.K. were estimated by the World Bank to be approximately $174 billion last year, with the lion share flowing to Asia and the Middle East.
TNG is reporting double-digit growth in monthly transaction volumes month-to-month. The company generated over $1 billion worth of transactions in the first two years of launch, and last year raised a record $115 million during a Series A funding round, it also secured a stored value facilities license from the Hong Kong Monetary Authority in August last year.
Hong Kong based TNG Fintech Group extended its global money transfer partnership with Tranglo Europe to cover the United Kingdom.