MICROCAPITAL BRIEF: Wave Money ? Joint Venture of Telenor, Yoma ? Raises $74m in Equity from Ant Financial for Mobile Money in Myanmar microcapital.org

Ant Financial Services Group, a member of the China-based Alibaba Group that operates the online payment service Alipay, recently agreed to invest USD 73.5 million in Wave Money, a joint venture of the Telenor Group and the Yoma Group that provides digital financial services in Myanmar. Ant Financial will take a ?substantial minority stake? in Wave Money, which seeks ?to leverage Ant Group?s experience in building mobile payment platforms to enhance its digital competence, capabilities, user experience and service offerings.?