Telenor Group has agreed to sell its 51 percent stake in Digital Money Myanmar (Wave Money) for $53 million to Yoma Strategic.
Wave Money is a provider of money transfer and digital payment solutions in Myanmar. The company was launched in November 2016 as a joint venture between Yoma Bank and Telenor Group.
In 2020, Wave Money processed a total of $8.7 billion in remittance and payments, which represented around 12 percent of Myanmar’s GDP. The company runs a network of more than 45,000 active agents or Wave Shops in urban and rural areas across 295 out of the 330 townships nationwide.
“We have worked in partnership with Yoma Strategic to ensure that anyone from anywhere can digitally send and receive money, make contactless and secure payments in-stores or online using the market leading mobile Wallet App of Wave Money,” said Lars Erik Tellmann, Head of Financial Services in Telenor Group.
