Telenor Group finalised an agreement to sell its majority interest in mobile payments joint venture Wave Money for $53 million to a subsidiary of conglomerate Yoma Strategic, as the Norway-based operator progresses plans to exit Myanmar.

The operator holds a 51 per cent share of Digital Money Myanmar, which operates as Wave Money. Yoma Strategic will lead a consortium of investors financing the acquisition of the stake by Yoma MFS Holdings, Telenor stated. The transaction is subject to standard conditions, including approval from the Myanmar Central Bank.

Telenor and Yoma Strategic first discussed a deal for Wave Money in 2020.

Yoma Strategic CEO Melvyn Pun noted the acquisition reinforces its desire to build a strong financial and technology ecosystem in Myanmar.

Telenor’s head of financial services Lars Erik Tellmann added the move would take Wave Money to “the next level of driving financial inclusion.”

Wave Money runs a network of more than 45,000 agents across 295 out of Myanmar’s 330 townships. It launched in November 2016 as a joint venture between Yoma Bank and Telenor, after being awarded a licence to be the first non-bank institution under Myanmar’s new mobile financial services regulation.#Telenor