SINGAPORE (June 24): Yoma Strategic announced on Wednesday that it was establishing a new company, Yoma MFS Holdings (Wave Holdco), to increase its existing stake and take a controlling interest in Digital Money Myanmar Limited (Wave Money).

Wave Money is Myanmar’s first and leading mobile financial services provider. It runs a network of more than 58,000 agents or “Wave Shops” in urban and rural areas across 295 out of the 330 townships nationwide.

Yoma Strategic currently has a 34% stake in Wave Money in a joint venture with First Myanmar Investment Public Company Limited, Yoma Bank, and Telenor, who own 10%, 5%, and 51% of Wave Money, respectively.

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