Hong Kong startup is said close to $679 million valuation

(Aug 4): TNG FinTech Group Inc., a Hong Kong-based digital wallet operator founded in 2013, is poised to close a funding round and is targeting a valuation of about US$500 million ($679 million), according to a person familiar with the matter.

The firm has attracted almost US$60 million in the series A round from investors including a Beijing-based private equity fund, said the person, who asked not to be named discussing private deliberations. TNG, which offers global money transfers, foreign-exchange transactions and bill payments, expects to be profitable this year and is targeting a listing in either New York or Hong Kong by 2019, the person said.

Hong Kong, with an economy focused on property and finance, has struggled to create major startups and no companies from the city make the CB Insights list of unicorns, or firms with a US$1 billion valuation.

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