05 January 2022
Telenor is exiting Myanmar mobile banking
Norwegian telecoms 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 the business.
The sale of the operator’s 51% share will give Yoma Group chairman Serge Pun a 75% stake in Wave Money, with the deal expected to close in the next few days.
A previous attempt in June 2020 to sell its stake in Wave Money to Yoma Strategic Holdings was never finalised, after Ant Financial dropped plans to invest in the venture.
The operator, First Myanmar Investment and Yoma Group launched Wave Money in November 2016.
The move comes as Norway-based Telenor looks for a buyer for its Myanmar mobile unit, after taking a massive write-down on the business in May 2021 amid a period of political unrest in the country.
