The Singapore-based company, Yoma MFS Holdings, is to buy a 51% stake in Wave Money from Norway’s Telenor.
Both companies agreed to transfer the stake for 53 million USD in January 2023, reported Deal Street Asia.
“The acquisition reinforces Yoma Strategic’s desire to build a strong financial and technology ecosystem in the country over the long term, said Melvyn Pun, CEO of Yoma Strategic.
Wave Money is a leading digital payment service provider in Myanmar and it represented around 12 % of Myanmar’s GDP.
The company was launched in 2016 as a joint cooperation between Yoma Bank and Telenor Group.