Telenor to sell stake in Myanmar's Wave Money for $53 Mn to Yoma
Telenor Group, an international provider of tele, data and media communication services, has reportedly agreed to sell its 51% stake in Myanmar's Wave Money, a provider of digital payment service, for $53 million to Yoma MFS Holdings, a subsidiary of Yoma Strategic. The subsidiary is expected to be subsidized by the group of investors directed by Yoma Strategic, which remains subject to closure and final funding. Post the closure of the transaction, Yoma Strategic is expected to become the major and controlling shareholder of Wave Money, making it certain that the firm continues operating and further enlarging its leading role in the fintech sector of Myanmar. The Telenor Group and Yoma Strategic agreement completed the process of divestment which was announced in June 2020. However, the transaction is subject to various conditions to be closure. Regulatory approval from the Myanmar Central Bank is one of them. Wave Money is a foremost provider of digital payment solutions and money transfers. The company was launched in November 2016 as a joint venture between Yoma Bank and Telenor Group. The fintech inventor was granted a license to become the first non-bank institute to work under Myanmar's new Mobile Financial Services regulation. Lars Erik Tellmann, Head of Financial Services in Telenor Group, quoted that Telenor is pleased to be a part of Wave Money's journey for allowing the citizens of Myanmar country-wide access to financial services. The firm has worked with Yoma Strategic to make sure that people can digitally send and receive money from anywhere and enable secure and contactless payments online or in-stores via Wave Money's Mobile Wallet App. The firm believes in the commitment and vision of Yoma, which will lead Wave Money forward to the path of driving financial inclusion. Source Credit - https://www.globenewswire.com/news-release/2022/01/17/2367508/0/en/Telenor-Group-agrees-to-sell-its-stake-in-Wave-Money-to-Yoma-Strategic.html