Telenor to divest Wave Money stake to Yoma-led group, exit Myanmar mobile banking

Telenor to divest Wave Money stake to Yoma-led group, exit Myanmar mobile banking

Telenor's 37th LightHouse follows the mission of digital literacy in Myanmar. Photo: Telenor.

Telenor, the Norwegian telecommunications operator, has agreed to sell its 51% stake in Wave Money, one of Myanmar’s biggest mobile payment services, to a consortium led by Singapore-listed Yoma Strategic Holdings, its main partner in Wave, Nikkei has learned.

The sale of the stake for $53 million in cash values Wave Money at $104 million and is set to be finalized in the coming days, according to people close to the deal. It will rank as the biggest fintech deal in Myanmar since the Feb. 1 military takeover, which has seen consumer and investor confidence collapse.

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