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Business deals

Yoma to buy control of Myanmar e-payment venture Wave Money

$75m deal brings Alipay operator on board to expand app services

Wave Money will focus on an app started in 2018 for paying bills and making online purchases, tapping the expertise of Alipay. (Photo by Yuichi Nitta)

YANGON -- Singapore-listed Yoma Strategic Holdings will acquire a controlling share in its Wave Money digital wallet joint venture while welcoming Chinese platform Alipay on board, as the group pushes to reach Myanmar's many underbanked citizens.

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