Alibaba fintech arm invests $73m in Myanmar's Digital Money

Alipay joins local player Yoma and Norway's Telenor to reach the country's unbanked

A customer uses the Wave Money service at a participating store in Myanmar. (Photo by Yuichi Nitta)

YUICHI NITTA, Nikkei staff writer

May 19, 2020 03:27 JST

YANGON -- The Chinese company behind the Alipay smartphone payment system said Monday that it will take a stake in Digital Money Myanmar to cater to the underbanked communities in the developing Southeast Asian nation.

Ant Financial Services Group, which is under the umbrella of Chinese e-commerce giant Alibaba Group Holding, will bring its Alipay technologies and business expertise to Myanmar, where the digital payment market is expected to grow.