Yoma Strategic: Ant Financial to Invest US$73.5 Million in Mobile Financial Services Provider Wave Money
May 17 2020 - 8:07PM
Dow Jones News
By P.R. Venkat
SINGAPORE--Yoma Strategic Holdings Ltd. said that Ant Financial
Services Group will invest $73.5 million in Myanmar-based mobile
financial services provider Wave Money.
Ant Financial, the operator of Alipay, will become a substantial
minority stakeholder, Yoma Strategic said Monday.
Wave Money is currently a joint venture between Yoma and
Norway's Telenor ASA.
Since its launch in 2018, more than 21 million people have used
Wave Money's platform for remittances, utility payments, airtime
top-ups and digital payments, Yoma said.
As part of the partnership, Wave Money will leverage Ant's
experience building mobile payment platforms to enhance its digital
competence, capabilities, user experience and service offerings to
better address the needs of users in Myanmar, Yoma said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
May 17, 2020 19:52 ET (23:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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