Tiny payments vendor, real customer risk
- TCGL is a very small fintech, with FY25 revenue of S$4.77M.
- Professional services became the main business in FY25, reaching S$2.52M and 53% of revenue.
- Its flagship AI-RTE product helps financial firms route real-time payments across channels.
- The bull case depends on more bank wins and higher-margin service work.
- The bear case is scale, client concentration, and public market execution after a recent IPO.
Small base, real payment niche
TCGL is a newly public fintech from Southeast Asia. Its pitch is simple: banks and financial firms need help moving money in real time, and TCGL sells the software and services to help them do that.
The good news is the mix is moving in the right direction. Professional services revenue rose 106% in FY25 to S$2.52M. That made it 53% of total revenue, up from a smaller base the year before. This matters because service and implementation work around payments can be more valuable than simple resale of hardware or licenses.
The hard part is size. FY25 total revenue was only S$4.77M. A single lost client or delayed bank project could move the whole company. TCGL also competes with much larger technology firms that sell digital banking, cloud, cybersecurity, and payment products.
The stock story now rests on proof. New banking clients for AI-RTE would support the bull case. Failed expansion outside its core markets, or trouble keeping its listed-company status, would support the bear case.
Build it, hand it over, keep serving
TCGL uses a Design-Build-Transfer-Operate model. That means it designs a system, builds it, transfers it to the customer, and may keep operating or supporting it after launch.
The main money source is professional services. This includes payment system engine work, technology consulting, AI-RTE implementation, and cybersecurity services. TCGL also sells software and maintenance licenses, plus hardware used in client projects.
This model can work well when a bank project expands from a first build into years of support. It can break when projects are lumpy, clients delay spending, or a larger vendor wins the full technology budget.
AI-RTE sits at the center
AI-RTE payment middleware
AI-RTE helps financial institutions handle omni-channel and real-time payments. It is the main product tied to the higher-growth professional services push.
Technology consultancy
TCGL helps clients design and implement financial technology systems. This is part of the professional services line that grew 106% in FY25.
Cybersecurity services
Cybersecurity gives TCGL another way to sell into banks and digital finance customers. The risk is that this market is crowded and trust takes time to earn.
Software and maintenance licenses
Licenses and maintenance can add recurring support revenue after a project goes live. This line fell 41% year over year in FY25 as the company shifted toward services.
Hardware sales
Hardware supports client deployments but is less central to the thesis. It produced S$1.16M of FY25 revenue.
Cloud and IT infrastructure
Cloud and infrastructure work can widen the customer relationship. TCGL still needs to show it can win this work beyond its core regional base.
FY25 mix moved to services
The mix below uses FY25 revenue disclosed in the Form 20-F for the year ended December 31, 2025. The company serves key markets in Singapore, Brunei, China, and Cambodia, so client concentration can matter as much as segment mix.
What could break the thesis
A few clients drive too much
High impact · High oddsTCGL is subscale, with FY25 revenue of S$4.77M. At that size, one major customer can change the whole growth story. A delayed bank rollout or lost renewal could quickly hit revenue and cash flow.
AI-RTE fails to add bank wins
High impact · Medium oddsAI-RTE is the product most tied to the bull case. If it does not win more financial institution customers, TCGL may stay a small consulting and resale business. Larger payment and core banking vendors can bundle similar work into wider contracts.
Services growth proves lumpy
Medium impact · High oddsProfessional services grew 106% in FY25, but project work can be uneven. A strong year can be followed by a pause if customers finish large builds or delay new budgets. The decline in software and maintenance licenses also shows the mix is still changing.
Public market status distracts management
High impact · Medium oddsTCGL listed in October 2025, then later faced trading and listing questions based on public market reports. For a small company, legal work and exchange issues can pull attention away from sales. It can also make it harder to raise capital on good terms.
AI and cybersecurity create legal exposure
Medium impact · Medium oddsTCGL uses AI-linked products and sells cybersecurity-related services. If a system fails, routes payments incorrectly, or exposes data, the company could face customer claims or regulatory trouble. Small vendors have less room for error in highly regulated financial systems.
In one breath
What does TechCreate Group do?
TechCreate Group sells financial technology services and products. Its main focus is AI-RTE, payment middleware that helps financial institutions support real-time payments.
Where does TCGL make money?
In FY25, TCGL made most of its money from professional services, which were 53% of revenue. It also sold hardware and software or maintenance licenses.
Why is TCGL risky?
The company is very small, with FY25 revenue under S$5M. It also depends on major clients and must prove it can win more bank projects in a crowded market.
What would make the thesis better?
The clearest positive signal would be new major banking clients for AI-RTE. Continued professional services growth and expansion beyond core Southeast Asian markets would also help.