Founded in 2015, Wave Money helps users send and receive money either using their phones or through one of its 57,000 agents called ‘Wave Shops’ scattered across urban and rural areas in Myanmar.
According to Tech Asia, over 21 million people have used Wave Money platform in 2019, with its monthly active user base growing by 14% month on month, making it a profitable business. With the partnership, Wave Money plans to leverage Ant’s experience in mobile payments to boost its digital competence, user experience, and services. Furthermore, this is in line with the Myanmar government’s plan to increase financial inclusion in the country from 48% to 60% by 2022.
Since 2019, Ant Financial has set its sights outside of its home market, investing in countries such as Vietnam, India, and Thailand. The company is also seeking a digital banking license from the Monetary Authority of Singapore after securing a similar license in Hong Kong.
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