Digital remittance service Wave Money has formed a strategic partnership from Ant Financial Services, which includes a $73.5m investment.
With the support of Ant Financial, Wave Pay will be able to deepen its technological capabilities and boost the access of mobile financial services in Myanmar.
The deal will see Ant Financial become a minority stakeholder in Wave Money.
Wave Money is a digital venture between Telenor Group and the Yoma Group. The FinTech supports the Myanmar market, supporting over 21 million people with remittances, utility payments, airtime top-ups and digital payments.
Its monthly users has been increasing at 14% month-on-month, it claims.
As part of the deal, Wave Money will leverage Ant Group’s experience in building mobile payment platforms to enhance its digital competence, capabilities, user experience and service offerings.
Ant Group Executive Chairman Eric Jing 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.”
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