A vehicle for conglomerate Yoma Holdings is reportedly investing $76.5m in a deal that will give it a majority stake in Wave, which is also backed by Ant Financial.

Yoma Strategic Holdings, a subsidiary of conglomerate Yoma Holdings, has agreed to pay $76.5m for the stake in Myanmar-based money transfer service Wave Money held by telecommunications company Telenor, S&P Global revealed yesterday.

Formally known as Digital Money Myanmar, Wave was formed in 2015, before Yoma acquired a 34% share in 2018. It subsequently paid $6m to buy a further 10% from investment firm First Myanmar Investment in November 2019.

Wave has built an online platform that enables users to…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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