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Daiwa invests $5m in Myanmar ride hailer

Oway stake provides Japanese financial group a foothold in promising market

Oway has made headway with its ride-hailing service in Yangon's increasingly congested streets. (Photo by Yuichi Nitta)

TOKYO -- Daiwa Securities Group has taken a $5 million stake in Oway, a Yangon-based online travel agency and ride-hailing service, seeking to get ahead of rivals with an early entry into the Myanmar market.

Investment unit Daiwa PI Partners purchased newly issued Oway shares.

Daiwa's investments in the Southeast Asian nation now total $13 million, "among the largest by a Japanese financial institution," according to the company. It sank several million dollars into a major Myanmar information technology services provider last year.

Oway is a leading player in online travel booking and ride-hailing services in Myanmar. It caught Daiwa's eye for its forays into such growing markets as electronic payments. Oway will also consider an initial public offering down the road.

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