Wave Money, a Myanmar-based digital money transfer service, has landed a $75.3 million investment from Chinese Big Tech Ant Financial. The investment makes Ant Financial a substantial minority stakeholder, alongside existing shareholders Telenor, a Norwegian majority state-owned telco, and Yoma Group, a Myanmar-based conglomerate. As of November 2019, the Singapore-based units of Telenor owned a 51% stake in Wave Money, Yoma Strategic held a 34% stake, and Yoma Bank owned 5%, while the remaining 10% stake was owned by First Myanmar Investment Public Company. “Myanmar’s population is still massively underserved by formal banking institutions” Ant Financial says its new investment…
Myanmar’s Wave Money lands .3m from Ant Financial
Myanmar’s Wave Money lands $75.3m from Ant Financial
