
Reading Time: 2 minutes
(Singapore/Oslo, 17 January 2022) Telenor Group and Yoma Strategic have entered into an agreement to sell Telenor Group's 51 percent share of Digital Money Myanmar Limited ( Wave Money ) for USD 53 million to Yoma MFS Holdings Pte. Ltd, a subsidiary of Yoma Strategic.
This subsidiary is to be funded by a consortium of investors led by Yoma Strategic which remains subject to completion and final funding. When the transaction is concluded, Yoma Strategic will become the largest and controlling shareholder of Wave Money, ensuring that the company continue operations and further extend its leading role in Myanmar's fintech sector.
Wave Money is a leading provider of money transfer and digital payment solutions in Myanmar. The company was launched in November 2016 as a joint venture between Yoma Bank and Telenor Group, after the fintech pioneer was awarded a license to become the first non-bank institution to work under Myanmar's new Mobile Financial Services Regulation.
In 2020, Wave Money processed a total of USD 8.7 billion in remittance and payments, which represented around 12 percent of Myanmar's GDP. The company runs a network of more than 45,000 active agents or Wave Shops in urban and rural areas across 295 out of the 330 townships nationwide. The business has seen a significant recovery in volumes since June 2021 with the trend expected to continue.
This acquisition reinforces Yoma Strategic's desire to build a strong financial and technology ecosystem in the country over the long term. The digitization in the economy, in particular in financial services, has been remarkable for Myanmar. We are pleased that Wave Money has positively transformed the way of life of people in Myanmar, bringing financial inclusion to the mass, says Melvyn Pun, CEO, Yoma Strategic.
Telenor is proud to have been part of Wave Money's journey to empower the people of Myanmar with country-wide access to financial services. We have worked in partnership with Yoma Strategic to ensure that anyone from anywhere can digitally send and receive money, make contactless and secure payments in-stores or online using the market leading mobile Wallet App of Wave Money. We are confident that Yoma have the commitment and vision to take Wave Money forward to the next level of driving financial inclusion , says Lars Erik Tellmann, Head of Financial Services in Telenor Group.
The agreement between Yoma Strategic and Telenor Group completes the divestment process announced in June 2020. The transaction is subject to various conditions to be completed, among them regulatory approval from the Myanmar Central Bank.
Media contact David Fidjeland
David.Fidjeland@telenor.com
+47 934 67 224
Europe Stories
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
21/01/2026
Wednesday 21 January 2026
Backing Britain on the global stage: Sky becomes an o...
21/01/2026
Fox Corporation Executives to Discuss Second Quarter Fiscal 2026 Financial Resul...
21/01/2026
Baselight v7 brings colourists and post-houses smarter mattes, faster workflows and deeper control
FilmLight, known for its detailed colour toolset and longsta...
21/01/2026
RT News is pleased to announce the appointment of Jackie Fox as its new Washington Correspondent. Jackie is a multimedia journalist with RT News and has repor...
19/01/2026
Monday 19 January 2026
Sky News reinvents News at Ten for the modern audience with The Wrap
Sky News today announces The Wrap, a bold evolution of its 10pm ou...
19/01/2026
DPA Microphones is striking a new chord in piano miking with the debut of its DPK2015 Piano Stereo Kit, an out-of-the-box, plug-and-play miking solution that ta...
19/01/2026
DPA Microphones will present its 4099 CORE Instrument Microphone and redesigned...
19/01/2026
Trianel relies on Arvato Systems for future-proof data center operations
Moving to the cloud: Arvato Systems implements extensive IT migration project
Migrat...
19/01/2026
Celebrating 21 Years of the RT Choice Music Prize
RT Choice Music Prize
In association with IMRO and IRMA
Irish Album of the Year 2025 - Shortlist Announce...
18/01/2026
January 18 2026, 21:30 (PST) Dolby Cinema Arrives in Bengaluru: Dolby Laborator...
16/01/2026
The start of a new year brings fresh possibilities. Whether you're diving in with big goals or simply setting new intentions, audiobooks can bring inspirati...
16/01/2026
In 2025 we launched the Spotify Partner Program to give creators more ways to tu...
15/01/2026
The SGL Carbon site in Bonn has a long tradition of training. For many years, young talent has been successfully trained here, regularly achieving excellent exa...
15/01/2026
The JEC Composites Innovation Awards annually honor the most innovative and ambi...
15/01/2026
X-energy Reactor Company, LLC ( X-energy ) and SGL Carbon LLC ( SGL ) have signed a 10-year framework agreement to provide graphite for the deployment of X-ener...
15/01/2026
RT is tonight announcing that Mari Hurley has decided to leave her role as RT 's Chief Financial Officer to take up a new position outside RT . Mari will r...
15/01/2026
15 Jan 2026
VEON's Kyivstar Reaches 3.0 million Customers with Starlink Dir...
15/01/2026
Views to free streaming service U grew by 15%, average monthly active users by 23% and registrations by 18%
UKTV's channels achieved record viewing share, ...
15/01/2026
Thursday 15 January 2026
Sky Sports to show Final Stage of inaugural FIFA Women's Champions Cup
Sky and FIFA have agreed an exclusive new partnership whi...
15/01/2026
Thursday 15 January 2026
The official trailer for the second season of Seth Mac...
15/01/2026
Wuppertal January 15, 2026
Riedel RefCam Takes Center Court in German Basketba...
15/01/2026
Arvato Systems Named Launch Partner for AWS European Sovereign Cloud
As a launch partner for the AWS European Sovereign Cloud, Arvato Systems enables customer...
14/01/2026
Staines-upon-Thames, UK, 13th January, 2026 ITV, one of the UKs leading broadcasters, has selected Yospace, the global leader in Dynamic Ad Insertion (DAI), to ...
14/01/2026
Steiger Media's adoption of Calrec's compact Argo M console not only makes its innovative new hybrid truck faster, more efficient, and agile, but also e...
14/01/2026
Press Release: The Boston Globe Names Cartesian a Top Place to Work in 2025
January 14, 2026
News
Cartesian - January 14, 2026 - EINPresswire.com - Sp...
14/01/2026
Comscore and Marcus Theatres Announce Five-Year Extension for Cinema ACE and Ent...
14/01/2026
Comscore and Santikos Entertainment Announce Five-Year Circuit Wide Commitment t...
14/01/2026
Wednesday 14 January 2026
Sky News announces Cathy Newman to lead flagship new political programme
Sky News today announces that award-winning journalist and ...
14/01/2026
The first stamp of An Post's 2026 Stamp Programme, marking 100 Years of Broadcasting, was unveiled at the GPO by Patrick O'Donovan TD, Minister for Cult...
14/01/2026
It's official! Beverley Callard has landed in Carrigstown. The beloved actor, known for her unforgettable roles and iconic screen presence, is joining the c...
13/01/2026
Independent media in Brazil and Colombia is facing an urgent crisis of traditional business models alongside a deteriorating security environment, according to ...
13/01/2026
Luxembourg, December 17, 2025 - SES S.A. ( SES or the Company ), a leading spa...
13/01/2026
Written and executive produced by Steve Lightfoot and Angela LaManna, produced b...
13/01/2026
New updates to Hitmaker Expansion from Celemony and Softube Edit pitch-perfect vocals with Melodyne Essential and get radio-ready guitar tones from Softube...
13/01/2026
Live broadcasts from RT 2FM Breakfast with Carl, Roz & Aisling, RT Radio 1 Tod...
12/01/2026
Spotify's new co-CEOs, Alex Norstr m and Gustav S derstr m, start off the new year with a message of renewed leadership, creative responsibility, and what...
12/01/2026
At Spotify, we listen to a lot of music. And every year, our global editors and artist partnerships teams come together to spotlight the emerging voices we beli...
12/01/2026
Spotify's global editors and Songwriter & Publisher Partnerships team spend their days immersed in new music, tracking the writers behind the songs breaking...
12/01/2026
Rohde & Schwarz opens larger office in Japan and increases its support for the J...
12/01/2026
X-Rite and Rhopoint Launch Rhopoint PANTORA Aesthetix to Streamline Creation of...
12/01/2026
12 Jan 2026
VEON's Kyivstar Launches 5G Pilot in Lviv Lviv, January 12, 2026 - VEON, a global digital operator (Nasdaq: VEON), today announces that Kyivsta...
12/01/2026
Monday 12 January 2026
The ultimate betrayal: Harry and Jamie Redknapp, Paul Me...
12/01/2026
Rohde & Schwarz opens larger office in Japan to increase its support for the Jap...
12/01/2026
Welcome to the AVECO team: introducing new members of management
At AVECO, we are continuing to implement our #newAVECO strategy, which aims to build an even s...
12/01/2026
For the first time in the nine-year history of Dancing with the Stars, the first...