Hong Kong-based digital wallet platform TNG FinTech Group has announced the acquisition of Malaysian airtime and money transfer hub Tranglo Sdn Bhd from state-owned private equity firm Ekuiti Nasional Berhad.

After receiving Central Banks’ regulatory approval from Financial Conduct Authority, Monetary Authority of Singapore, Bank Negara Malaysia and Bank Indonesia, the acquisition was completed at $28 million. After the acquisition, TNG owns 60 percent stake in Tranglo.

TNG said that the deal builds on TNG’s long-standing relationship with Tranglo, which started in Asia. Riding on Tranglo’s extensive network, TNG offers financial inclusion and FinTech services to its users, tapping into the market of 1.2 billion unbanked population in Asia.

Tranglo expects TNG’s capabilities and resources to develop and push its business further in cross-border money remittance.