Wave Money operates the largest financial services network in Myanmar, with an agent network that is over 16 times larger than that of traditional bank branches. In 2018, the number of Wave shops grew from 15,000 at the start of the year to 40,000 by the end of 2018. Currently, the Wave Money agent network covers 86pc of the country and operates in 283 out of the total 330 townships.

Wave Money paid out K19 billion in agent commissions during the period, according to Arvinder Grewal, Chief Sales Officer at Wave Money. The growth of the agent network helped more than seven million customers across the country send and receive money.

Growth was not isolated to the company’s over-the-counter business but was also seen in its mobile wallet.

A key contributor to mobile wallet growth was the launch of its mobile app, WavePay, in August 2016. The app includes a QR feature which allows users to send money to each other and to pay merchants. Currently, QR payments are most commonly used to pay taxi fares in Yangon.

Wave Money also announced special promotions with multiple merchants such as SG Shop, MMBusTicket and regional digital content provider Codapay to increase the use of the WavePay app.

Wave Money is owned by Telenor, First Myanmar Investment Co (FMI) and Yoma Strategic Holdings.

Last year, Yoma Strategic, which is listed in Singapore, acquired a 34pc stake in Wave Money from Yangon-listed FMI for $19.4 million, valuing Wave Money at $57 million. FMI is also a major shareholder in Yoma Strategic and both companies are controlled by Mr Serge Pun.

FMI retains a 10pc stake in Wave Money. The company’s largest shareholder is Telenor with a 51pc stake.

Source: https://www.mmtimes.com/news/wave-money-sees-higher-demand-its-mobile-money-services.html