Citizenship scrutiny cards required for remittance, withdrawal of wave money

THOSE who want to transfer or withdraw money through Wave Money, a mobile financial services provider, need to take citizenship scrutiny cards, according to Wave Money’s statement on 8 September. To secure mobile financial services for the users, security measures for mobile money remittance are stepped up. Therefore, citizenship scrutiny cards have become obligatory for […]

Moving money for the masses

Wave Money, Myanmar’s largest mobile financial services provider, celebrates its fourth anniversary this year. The company, which envisions providing the Myanmar people with a simple, affordable and trustworthy service through which they can move and manage their money anywhere they want in the country, now has 24 million customers. That’s more than half the population, […]

Yoma Strategic to buy controlling stake in e-payment firm Wave Money

Yoma Strategic on Wednesday (June 24) said it would acquire a controlling stake in Wave Money, one of Myanmar’s leading mobile payment companies, for US$76.5 million. Under the deal, Norwegian Telenor Group will sell its existing 51 percent stakes to Yoma MFS Holdings (Wave Holdco), a company established with $25 million capital from Singapore-listed Yoma […]

China’s Ant Financial buys stake in fintech Wave Money

<a href=”” target=”_blank”><img src=”” width=”600″ height=”250″ /> </a> China’s Ant Financial, a fintech affiliate of e-commerce giant Alibaba Group Holding, is set to acquire a minority stake in Wave Money, a Myanmar mobile payment firm. Wave Money said on Monday (May 18) that Ant Financial Services Group plans to invest US$73.5 million by way of […]

Operator of China’s Alipay to Invest Over US$73 Million in Myanmar’s Wave Money

YANGON—China’s Ant Financial Services Group plans to invest US$73.5 million (103.2 billion kyats) in Myanmar’s leading mobile money company, Wave Money. Owned by Alibaba Group, Hangzhou-based Ant is the operator of the online payment service Alipay. Wave Money, a joint venture between Telenor Group and Yoma Strategic, runs a network of more than 57,000 agents […]

Yoma Strategic tie-up extends online payment services in Myanmar

MAINBOARD-LISTED Yoma Strategic Holdings’ Myanmar-based joint venture (JV), Wave Money, is giving its customers in Myanmar access to merchants of payments platform 2C2P through a tie-up. Some 17 million users of Wave Money’s app, WavePay, will be able to pay for purchases from 2C2P’s merchants through their mobile phones without having a bank account, 2C2P […]

Wave Money triples annual remittance, sees continuing growth in Myanmar

Wave Money is seeing better growth and potential in the mobile financial services (MFS) space. The mobile financial services (MFS) company reported annual remittance value of K6.4 trillion for its financial year ended December 31, 2019, which is more than triple the amount remitted in the same period last year. The spike came on the […]

With 70% Unbanked Population, Myanmar Bets on Fintech to Improve Financial Inclusion

Despite the Myanmar government’s push to expand access to financial services, the country still trails far behind the rest of Asia in rates of participation in formal financial services, financial literacy, savings rates and the use of digital financial services, according to a new report by social enterprise ONOW Myanmar. But fintech and mobile technology […]

Cash’s Crown Starts to Slip in the Business-to-Business Sector

Every day, the 25-year-old collects bricks of notes – equivalent to many times his K300,000-a-month salary – from businesses in northern Yangon’s Insein Township. After counting the notes, Kyaw Zaya adds the balance to the mobile banking account of each business and deposits the cash with an agent for Yangon-based fintech company Ongo. Kyaw Zaya […]

How Oway plans to win Myanmar as the country strives to build a digital ecosystem

With its online travel agency, ride-hailing services, and corporate fleet services, Oway is one of the leading names in local tech ecosystem Looking at the services that Oway is offering, it is hard not to compare the Myanmar-based startup with its regional competitors Grab and gojek. Starting off an as online travel agency, which was […]