Yoma Strategic’s mobile payments joint venture in Myanmar ties up with Alipay operator (Straits Times)
Yoma Strategic's chief executive Melvyn Pun said Myanmar's population is still massively underserved by formal banking institutions.
Photo: Straits Times/LIANHE WANBAO
Alipay operator Ant Financial Services Group will invest US$73.5 million (S$104.9 million) in Digital Money Myanmar (Wave Money) - a mobile payments joint venture (JV) between Telenor Group and the Yoma group - as part of a strategic partnership to promote financial inclusion in Myanmar.
This will be for unbanked and underbanked communities in the country, mainboard-listed Yoma Strategic announced on Monday (May 18) in a regulatory filing.
The partnership will allow Wave Money to leverage Ant Group's experience in building mobile payment platforms to enhance its digital competence, capabilities, user experience and service offerings.
Ant Group's investment will come by way of a new share issuance subject to certain conditions, including regulatory approval. The move will allow Ant Group to become a substantial minority stakeholder, alongside existing shareholders.
As at Nov 8, 2019, Telenor holds 51 per cent interest, Yoma Strategic holds 34 per cent interest, First Myanmar Investment Public Company holds 10 per cent interest, and Yoma Bank holds 5 per cent interest in Wave Money.
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