Yoma Strategic to acquire a 51% stake in Wave Money from Telenor Group for $53m.

Yoma Strategic, an investment holding company, agreed to acquire a 51% stake in Wave Money, a developer of online payment software, from Telenor Group, a state-owned multinational telecommunications company, for $53m. “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,” Melvyn Pun, Yoma Strategic CEO.