E-commerce group Alibaba’s financial services affiliate, Ant Financial, agreed today to invest $73.5m in Myanmar-based finance transfer service Wave Money through a strategic partnership agreement.
Operating as a joint venture between diversified conglomerate Yoma Group and telecommunications firm Telenor, Wave Money operates a money transfer service that spans 57,000 retail outlets in Myanmar.
The company also offers additional services such as digital payment, utility bill payments, phone credit top ups, and remittance for small and medium-sized enterprises (SMEs). It can be used by customers to access financial services without setting up a formal bank account.
Ant Financial, the owner of digital payment service Alipay, intends to provide its experience in developing online payment platforms to help Wave Money expand.
Eric Jing, Ant Financial’s chairman, said: “Ant Group and Wave Money share a similar vision in making financial services more accessible for everyone.
“The partnership will enable Wave Pay to tap into the experience of Alipay to promote financial inclusion and better serve the unbanked and underbanked individuals and SMEs in Myanmar.
“We look forward to working collaboratively with Wave Money to build on its success in Myanmar and support the company to improve the well-being of local users and merchants.”
Yoma Group subsidiary Yoma Strategic Holdings will hold a 29.5% stake in the company once the deal closes, while Telenor will own 3.4%, according to a statement released by Wave Money.
