Alipay operator Ant Financial has brokered a deal to purchase a minority stake worth $73.5m in Myanmar-based fintech firm Digital Money Myanmar (Wave Money).

Wave Money is a mobile payments joint venture between Norwegian telecoms company Telenor Group and local corporation Yoma Group.

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As per the terms of the agreement, Wave Money will issue fresh shares to Ant Financial.

Wave Money intends to leverage Ant Financial’s know-how in developing mobile payments platform and digital financial services in order to boost its technological capabilities.

Commenting on the deal, Wave Money CEO Brad Jones said: “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.”

The deal, which is yet to receive regulatory approval, will make Ant Group a substantial minority stakeholder, in conjunction with the company’s existing shareholders.

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The Singapore-based units of Telenor owned a 51% stake in Wave Money as at 9 November 2019. Yoma Strategic held a 34% stake, while Yoma Bank owned 5%. The remaining 10% stake was owned by First Myanmar Investment Public Company.

Yoma Strategic CEO Melvyn Pun added: “Myanmar’s population is still massively underserved by formal banking institutions with only a quarter of people having a bank account.

“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.”