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.
Yoma will buy a 51% stake in Wave Money operator Digital Money Myanmar from Norway's Telenor for $76.5 million, the group said Wednesday. Yoma, which owns the remaining 49% interest, intends to form a designated holding company for the purchase that will raise funds from other investors. The group will make additional investments of up to $25 million.
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