Digital Money Myanmar Limited

Digital Money Myanmar Limited is a prominent digital payment and mobile financial services provider in Myanmar, offering seamless financial transactions through its Wave mobile wallet and extensive agent network. Digital Money Myanmar Limited specializes in mobile financial services, facilitating secure transactions without the need for traditional banking. Founded in 2015 and headquartered in Yangon, Myanmar, the company has undergone significant changes, including its latest deal where Yoma Group acquired a 51% stake for USD 40 mn from Telenor ASA on January 17, 2022. The firm has successfully completed three deals to date, all contributing to its operational growth.

Hal Bosher is the founder of the company, with Brad Jones as the current CEO. Wave Money operates as Myanmar's leading digital payment and mobile financial services provider, specializing in seamless financial transactions through its core products: over-the-counter transactions and the Wave mobile wallet. The company facilitates secure and accessible money transfers, enabling customers to conduct transactions without needing a traditional bank account, simply by using a mobile number and National Registration Card (NRC). With a network of over 59,000 agent-operated shops covering 90% of Myanmar, Wave Money serves a diverse clientele that includes over 35 million individuals, many of whom are unbanked or underserved.

The Wave mobile wallet, launched as an all-in-one platform, allows users to send money, pay bills, and manage daily financial activities conveniently from their smartphones, addressing the need for digital financial inclusion in the country. Wave Money generates revenue primarily through transaction fees associated with its financial services. The company facilitates over 900 million transactions to date, encompassing various payment methods, including direct consumer payments through its Wave app, as well as partnerships with retailers and service providers. Clients, ranging from individual users to merchants, utilize the Wave platform for transactions, which may include fees for cashless payments via dynamic QR codes or through point-of-sale (POS) systems accepting MPU, MasterCard, and Visa cards.

The partnership structure allows merchants to equip themselves with tools for accepting digital payments, thus driving business growth. Wave Money’s commitment to expanding its client base and enhancing its service offerings positions it as a key player in Myanmar's evolving digital economy. Following the acquisition by Yoma Group in January 2022, Digital Money Myanmar Limited plans to leverage the USD 40 mn funding to enhance its product offerings and expand its market reach. Future initiatives may include the launch of new financial products tailored to underserved populations in Myanmar, with potential release dates yet to be announced.

Moreover, the company intends to explore expansion into neighboring regions to tap into emerging markets and further drive digital financial inclusion.