Malaysia’s largest fintech company TNG Digital is looking at a potential domestic initial public offering over the next two to three years that could raise over $300 million, two sources with knowledge of the matter said.

TNG Digital could potentially fetch the valuation of a unicorn – a startup with a market value of $1 billion or more – before the potential IPO, the sources added.

The current valuation of TNG Digital was not immediately certain. The Kuala Lumpur-headquartered company raised 750 million ringgit ($179.30 million) from an equity funding round in 2022 led by investors Lazada and parent Touch ‘n Go, according to press release at that time.

Lazada is part of Chinese technology giant Alibaba Group, while Touch ‘n Go in turn is an indirect unit of Malaysia’s second largest bank CIMB Group.

Other investors include AIA and Ant Financial. TNG Digital was established via a strategic partnership between Touch ‘n Go and Ant Financial in 2017, according to its website.

IPO proceeds are expected to be used for further business expansion in Malaysia and beyond in Southeast Asia, the sources added, declining to be named as the matter was private.

Deliberations are ongoing and no decision has been made, they added. “The company continuously explores opportunities to access capital markets for funding, and any decisions will be announced at the appropriate time,” TNG Digital said in a statement to Reuters.

TNG Digital owns and operates Touch ‘n Go eWallet, which commands more than 20 million verified users, according to its website.

TNG Digital also provides financial services products including investments, lending and credit, remittances and insurance, its website showed.

It facilitates payments for over two million merchants in Malaysia, cross-border payments in more than 40 countries and has partnership with Visa, according to its website.

TNG Digital’s annual transacting users surged 70.7% on-year to 15.7 million last year, according to CIMB’s 2023 annual report.