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Telenor to divest Wave Money, exit Myanmar mobile banking

Military surveillance a major concern in biggest fintech deal since takeover

Telenor's sale of its stake in Wave Money will be the largest fintech deal in Myanmar since Senior Gen. Min Aung Hlaing took power on Feb. 1, 2021. (Source photo by AP and Reuters)

BANGKOK -- Telenor, the Norwegian telecommunications operator, has agreed to sell its 51% stake in Wave Money, one of Myanmar's biggest mobile payment services, to a consortium led by Singapore-listed Yoma Strategic Holdings, its main partner in Wave, Nikkei has learned.

The sale of the stake for $53 million in cash values Wave Money at $104 million and is set to be finalized in the coming days, according to people close to the deal. It will rank as the biggest fintech deal in Myanmar since the Feb. 1 military takeover, which has seen consumer and investor confidence collapse.

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