Ant Group, the financial services affiliate of e-commerce group Alibaba, has failed to provide the $73.5m investment in Myanmar-based capital transfer service Wave Money announced in May 2020, DealStreetAsia reported yesterday.
Wave provides a mobile wallet which also offers utility bill and phone credit top-ups as well as remittance for small businesses.
The Ant investment was meant to have been closed by the end of last month, a date which had already been extended three times, but the company has yet to supply the funding. Part of the delay could be down to the military coup which took place in Myanmar in February this year.
Yoma Strategic Holdings, a subsidiary of diversified conglomerate Yoma Holdings, had subsequently agreed in June 2020 to buy the 51% stake in Wave held by telecommunications firm Telenor for $76.5m.
