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Ant Financial to infuse US$73.5M into Myanmar’s Wave Money

Ant Financial Services, operator of Alipay, has announced a strategic partnership with Digital Money Myanmar, which owns and operates mobile financial services platform Wave Money.

As part of the deal, Ant Financial will invest US$73.5M in the firm, said a press release.

Ant Group’s stake in Wave Money will come by way of a new share issuance, which is subject to certain conditions, including regulatory approval.

Also Read: No more henchmen, banks can now use Flow’s AI tool for loan recovery

The strategic partnership is aimed at boosting Wave Money’s technological capabilities and utilise Ant Financial’s expertise in mobile payment and digital financial services to better address the needs of users in Myanmar.

“Myanmar is ready for mass adoption of digital payments with a connected population and high smartphone penetration. This partnership will be transformative for Wave Money and Myanmar,” said CEO Brad Jones.

Launched in October 2018, Wave Money is a joint venture between Telenor, Yoma Bank and Singapore Exchange-listed Yoma Strategic Holdings. The firm provides mobile financial services through a nationwide network of more than 57,000 agents or what it calls ‘Wave Shops’ in urban and rural areas, covering approximately 89 per cent of the region of Myanmar.

In 2019, Wave Money’s transfer volume claims to have more than tripled year-on-year reaching US$4.3 billion. More than 21 million people have used its platform for services such as remittances, utility payments, airtime top-ups and digital payments.

“Myanmar’s population is still massively underserved by formal banking institutions with only a quarter of people having a bank account. Ant Group brings a wealth of expertise in mobile payment and financial services. The COVID-19 situation is accelerating the trend towards a cashless society and drives the growth of ecommerce, and we expect this strategic partnership to massively boost Wave Money’s capabilities to support these trends,” said Melvyn Pun, CEO, Yoma Strategic.

Image Credit: Ant Financial

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Roundup: Jack Ma steps down from SoftBank board

Jack Ma steps down from SoftBank board

Jack Ma will resign from SoftBank board after serving as Director for 13 years, according to KrAsia.

Softbank also named three new Directors amid calls from an activist investor to boost shareholder returns and strengthen corporate governance.

SoftBank founder and chairman Masayoshi Son’s bet on Ma’s startup Alibaba in 2000 became known as one of the most successful deals in history.

Alibaba went on to become one of the world’s largest companies, with a market capitalization of USD 546 billion. SoftBank still holds about 25 per cent of the company.

In September 2019, Ma had resigned from Alibaba Chairman’s position.

India’s Reliance Jio raises US$870M from General Atlantic

India’s telecom operator Reliance Jio has raised another US$850 million in exchange for a 1.34 per cent stake from private equity firm General Atlantic, bringing its total raised till date to about US$8.9 billion, according to Entrackr.

This marks Jio’s fourth investment, in a succession of funding which was started by social media major Facebook, followed by private equity funds Silver Lake and Vista Equity Partners.

Also Read: No more henchmen, banks can now use Flow’s AI tool for loan recovery

The telecom business under Reliance has other digital properties and investments such as Jio Cinema, Jio Saavn (music streaming platform) and Haaptik (conversational AI platform).

Singapore’s YouTrip launches initiative to offer support to the creative community

Singapore’s multi-currency mobile wallet YouTrip has launched an initiative called CraftWithLove, which is a platform where Singaporean’s can showcase their artistic creations.

This initiative aims to raise awareness and support for individual’s in the creative community who have lost their gigs and jobs opportunities due to COVID-19.

Also Read: Roundup: Singapore’s Responsible Cyber acquires digital identity wallet Secucial

“Many local creatives are our best advocates, showing ardent support of YouTrip through their content. Now more than ever, they
are at the top of our minds, and #CraftWithLove is our way of going the extra mile to support them during this crisis,” said Caecilia Chu, Co-founder of YouTrip.

Image Credit: SoftBank

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