Yoma Strategic Holdings announced that it will acquire a 34 percent stake in Digital Money Myanmar Co Ltd, the operator of leading mobile money brand Wave Money from affiliate firm First Myanmar Investment Co Ltd, for $19.4 million, dealstreetasia reported.
Wave Money is a financial service platform targeting the unbanked population in Myanmar. It is the first company to be regulated under the Mobile Financial Services Regulation and to secure a licence from the Central Bank of Myanmar.
Wave Money has established over 20,000 agents across Myanmar. By August last year, Wave Money had an agent network in 255 townships in Myanmar, almost reaching the entire 330 townships. The platform has got a customer base of around 1.3 million, according to the report.