Telenor: sells the fintech Wave Money to Yoma Strategic

(CercleFinance.com) - Norwegian telecoms operator Telenor announced on Monday that it had reached an agreement to sell its 51% stake in Myanmar fintech Wave Money to Burmese conglomerate Yoma Strategic for 53 million dollars.


Launched in 2016, Wave Money is a joint venture between Telenor and Yoma Bank, which aims to offer digital payment and money transfer services.

At its inception, the company had become the first non-financial company to be licensed under the new mobile financial services regulations passed in Burma.

In 2020, Wave Money processed the equivalent of some 8.7 billion dollars, which represents about 12% of Myanmar's GDP.

Wave Money has a network of over 45,000 representatives in both urban and rural areas of the country.



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