In a landmark collaborative effort to operate a world class online and offline payments business and deliver a mobile wallet solution and related financial services, Touch 'N Go Sdn. Bhd. ("TNG") entered into a joint venture with Ant Financial Services Group ("Ant Financial"), the parent company of Alipay.
The joint venture represents Ant Financial's first investment into Malaysia. With the establishment of the joint venture, it is anticipated that the financial services industry in Malaysia will be revolutionised, particularly where it relates to domestic and cross border payments. This joint venture will have a crucial role in contributing to Malaysia's fast moving digital economy and its FinTech agenda, resulting in innovative solutions for the benefit of consumers. TNG is Malaysia's largest electronic payment system operator and Alipay is the world's leading digital financial services provider headquartered in China.
TNG was represented by Wong & Partners, the member firm of Baker McKenzie in Malaysia. Partners Andre Gan and Sue Wan Wong led the team, supported by senior associates Adrian Wong and Rowena Lee, as well as associate Daniel Tan.
"It is our privilege to have represented TNG on this exciting new joint venture which may herald a milestone in the mobile payments ecosystem in Malaysia and catalyse rapid development of the FinTech industry in the country," said Andre Gan, Managing Partner of Wong & Partners and lead transaction counsel.
Syahrunizam Samsudin, Chief Executive Officer of TNG said, "We’re extremely happy to have been able to get this done. The work starts now and I look forward to collaborating closely with Ant Financial and the joint venture as it rolls out a set of leading edge payments service.”