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
16/12/2025
Hawkins has landed on Spotify, just in time for Stranger Things Season 5, Volume...
16/12/2025
Wherever you are, your favorite music and audio content should go seamlessly with you. That's why Spotify has partnered with NAVER Corp, Korea's leading...
16/12/2025
2025 Wrapped arrived bigger and bolder than ever. This year's experience is designed to be ultra personal and shareable, with new features like Wrapped Part...
16/12/2025
16 Dec 2025
VEON Announces Release Date for Full Year and Fourth Quarter 2025 R...
16/12/2025
16 Dec 2025
VEON's Kyivstar Invests in Renewable Energy in Ukraine with Acq...
16/12/2025
Harmonic's XOS Advanced Media Processor Improves Streaming Video Quality and Boosts Viewer Engagement SAN JOSE, Calif. - Dec. 16, 2025 - Harmonic (NASDAQ: ...
16/12/2025
RT Sport Awards 2025 live on RT One and RT Player at 8:05pm on Saturday 20 December.
On Saturday 20 December live on RT One and RT Player at the earlier t...
16/12/2025
Singer -songwriter Brian Kennedy has been announced as the final celebrity dance...
15/12/2025
Cape Town, November 13, 2025 - SES and International artist and humanitarian, Fo...
15/12/2025
Luxembourg, December 15, 2025 - SES, a leading space solutions company, and Abra Group launched fast and reliable multi-orbit inflight connectivity service on t...
15/12/2025
15 Dec 2025
VEON's Beeline Kazakhstan Delivers First Starlink Direct to Cel...
15/12/2025
Andrew Mountbatten-Windsor finds himself the topic of year's cracker jokes
Oasis, David Harbour, Celebrity Traitors and Angela Rayner all feature in this y...
15/12/2025
Comscore Expands Cross-Platform Campaign Measurement to Include Audio and Social New capabilities strengthen cross-platform campaign reporting suite; CCR rebran...
15/12/2025
RT .ie has reached one billion page views this year and is on track to finish 2025 2% ahead of last year. Average time spent on the site is up 3% on 2024, with ...
12/12/2025
Last month, Spotify announced a new collaboration with the ATP Tour, the global governing body of men's professional tennis, aimed at bringing the next gene...
12/12/2025
Friday 12 December 2025
Ted is back! Seth MacFarlane's live-action comedic ...
12/12/2025
Uachtar n na h ireann, Catherine Connolly visited RT Raidi na Gaeltachta's...
12/12/2025
Ireland AM host Eric Roberts has been revealed as the sixth contestant taking to...
11/12/2025
Thomson and the Center for News, Technology and Innovation (CNTI) convened a two-day workshop in Sarajevo bringing together more than 35 journalists, editors, p...
11/12/2025
Having the right song soundtrack your moves can make all the difference when gam...
11/12/2025
It's been a big year for Taylor Swift. Her highly anticipated album The Life...
11/12/2025
11 Dec 2025
VEON's Banglalink Receives Regulatory Approval to Launch Digita...
11/12/2025
Thursday 11 December 2025
Sky Arts paints a picture of Britain's beauty as ...
11/12/2025
It's not every day we're asked to create a website for a classical musician!
So, we were delighted to help pianist Georgina Duncan as she embarks on he...
11/12/2025
It's beginning to look a lot like Christmas!
Irish golfing hero Shane Lowry...
11/12/2025
RT Sport Awards 2025 live on RT One and RT Player at 8:05pm on Saturday 20 December
On Saturday 20 December live on RT One and RT Player at the earlier ti...
11/12/2025
Sash is ready to samba as Fair City star Stephanie Kelly is revealed as the late...
11/12/2025
Dalet, a leading provider of cloud-native, end-to-end media workflow solutions, ...
10/12/2025
For the first time, Spotify is giving users the power to steer the algorithm. Gustav S derstr m, Spotify's Co-President, CPO, and CTO, shares the vision beh...
10/12/2025
10 Dec 2025
VEON's Rising Capital Markets Profile Strengthened by Inclusion...
10/12/2025
10 Dec 2025
VEON Recognized for JazzCash, Kyivstar and Jazz at the World Commun...
10/12/2025
Wednesday 10 December 2025
Sky extends partnership with the Ladies European Tour for a landmark 30th year
Sky and the Ladies European Tour (LET) have announce...
10/12/2025
Wednesday 10 December 2025
Walk-on if you love the darts: James Maddison, Luke ...
10/12/2025
Rohde & Schwarz presents world's first RF power sensor with 0.80 mm RF conne...
10/12/2025
It's out of the frying pan and into the sequins for comedian and actor Micha...
10/12/2025
Born That Way airs Thursday 18 December on RT One and RT Player
Born That ...
09/12/2025
For decades, music videos have done more than just accompany a song; they've shaped style, started conversations, and helped us fall in love with our favori...
09/12/2025
Tuesday 9 December 2025
Judy Murray calls for PE to be a priority for all schoo...
09/12/2025
Kyocera and Rohde & Schwarz demonstrate OTA characterization of mmWave PAAM at C...
09/12/2025
Wuppertal December 9, 2025
Riedel and Racing Electronics Announce Strategic Pa...
09/12/2025
Another year, another 12 months of amazing adventures.
We are pleased to bring you our Highlights of the Year 2025.
We've worked hard and played hard this...
09/12/2025
DPA Microphones today announces the immediate availability of its new N-Series Digital Wireless Microphone System for customers throughout the U.S. In addition ...
09/12/2025
Jason, before we get into the detail, what first got you involved in retail media standards? And how did you come to chair IAB Europe's Retail and Commerce ...
09/12/2025
Current Rose of Tralee Katelyn Cummins has been revealed as the third contestant...
08/12/2025
Comscore Releases 2025 AI Intelligence Report: Establishing New Benchmarks for G...
08/12/2025
Over 1.7 million people watched across the weekend
Another record-breaking year...
08/12/2025
08 Dec 2025
VEON's Beeline Kazakhstan Breaks Ground for Hyper Cloud Data Ce...
08/12/2025
Strategic and transformative transaction would sharpen Harmonic's focus on its core Broadband business and advance its growth initiatives
Ensures continued...
08/12/2025
Copenhagen's The Epicurus is a one-of-a-kind Jazz Gastropub that presents exclusive performances curated by Jazz Pianist and Producer Sir Niels Lan Doky. Fe...
Reading Time: 2 minutes
