By P.R. Venkat

SINGAPORE--Yoma Strategic Holdings Ltd. said that Ant Financial Services Group will invest $73.5 million in Myanmar-based mobile financial services provider Wave Money.

Ant Financial, the operator of Alipay, will become a substantial minority stakeholder, Yoma Strategic said Monday.

Wave Money is currently a joint venture between Yoma and Norway's Telenor ASA.

Since its launch in 2018, more than 21 million people have used Wave Money's platform for remittances, utility payments, airtime top-ups and digital payments, Yoma said.

As part of the partnership, Wave Money will leverage Ant's experience building mobile payment platforms to enhance its digital competence, capabilities, user experience and service offerings to better address the needs of users in Myanmar, Yoma said.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

May 17, 2020 19:52 ET (23:52 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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