Wave Money
A Myanmar mobile financial services provider offering mobile money and related digital payment services.
Last updated August 24, 2026
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Overview
Wave Money is a Myanmar mobile financial services brand headquartered in Yangon. It was created in 2015 as a joint venture involving Telenor Group, Yoma Bank, Yoma Strategic Holdings and First Myanmar Investment, and became one of the early large-scale providers of mobile money services in Myanmar. The business was designed to extend electronic payments and basic financial services through mobile technology and an agent network, serving customers who had limited access to conventional banking infrastructure. The company reached an important regulatory milestone in August 2016, when it received a license to operate as the first non-bank institution under Myanmar's new Mobile Financial Services Regulation. This authorization enabled Wave Money to develop a formal mobile-money business outside the traditional commercial-bank model. After launching, the service expanded rapidly: its subscriber base reached 100,000 customers within two months and grew to approximately 1.3 million customers by March 2018. Wave Money's activities have included person-to-person transfers, mobile payments and other mobile financial services delivered through its digital platform and agent network. Its scale also made it relevant to institutional payment programs. In March 2019, the company worked with Myanmar Economic Bank to facilitate mobile pension payments for government pensioners. This collaboration illustrated the brand's role not only as a consumer payments service but also as an infrastructure provider for disbursements. Transaction volume grew substantially during the late 2010s. Transactions were reported at approximately US$1.3 billion in 2018 and approximately US$4.3 billion in 2019. These figures indicate the increasing importance of mobile money in Myanmar's payments ecosystem, although they represent transaction volume rather than company revenue. Wave Money also participated in financial-inclusion and financial-literacy initiatives. In June 2018, it worked with the United Nations Capital Development Fund and Australia's Department of Foreign Affairs and Trade to launch Shwe Toe, a gamified financial-education application intended to help young women develop a better understanding of financial concepts. The ownership structure changed during 2019 and 2020. In November 2019, Yoma Strategic Holdings acquired a 10 percent stake from First Myanmar Investment. In May 2020, Ant Financial Group, Alibaba Group's fintech affiliate, announced an investment of US$73.5 million intended to obtain a 33 percent interest through the issuance of new shares. In June 2020, Yoma Strategic established Yoma MFS, also referred to as Wave Holdco, with the stated plan of acquiring Telenor's entire 51 percent stake in Wave Money. The available reference material does not establish the final ownership outcome or provide a current corporate structure. Wave Money's documented identity remains that of a Myanmar-focused mobile financial services provider operating under the Wave Money brand.
History
Wave Money was established in Myanmar in 2015 as a joint venture involving Telenor Group, Yoma Bank, Yoma Strategic Holdings and First Myanmar Investment. The company entered a market in which mobile connectivity and digital financial services were expanding, while access to conventional banking remained uneven. Its business model centered on mobile money, combining a digital service with an agent network capable of supporting cash-in and cash-out transactions and other customer interactions. In August 2016, Wave Money received a license to become the first non-bank institution operating under Myanmar's new Mobile Financial Services Regulation. The license was a defining institutional milestone because it placed the company within the country's regulated mobile-finance framework while distinguishing it from a conventional bank. Wave Money launched its service soon afterward and experienced rapid early customer growth. Within two months of launch, the service reportedly had 100,000 subscribers. By March 2018, that figure had grown to approximately 1.3 million. The company expanded beyond basic consumer transfers through partnerships and inclusion initiatives. In June 2018, Wave Money worked with the United Nations Capital Development Fund and Australia's Department of Foreign Affairs and Trade to launch Shwe Toe, a gamification-based financial-education application. The project was directed toward improving financial understanding among young women and reflected a broader effort to connect mobile finance with financial literacy. Wave Money's transaction scale increased materially during 2018 and 2019. The reference material reports transaction value of approximately US$1.3 billion in 2018, representing about 2 percent of Myanmar's GDP, followed by approximately US$4.3 billion in 2019. These amounts are transaction-value measures and should not be interpreted as revenue or profit. In March 2019, Wave Money also collaborated with Myanmar Economic Bank to support mobile pension payments for government pensioners, demonstrating how its platform could be used for institutional disbursement programs. Ownership and investment arrangements became a major part of the company's subsequent history. In November 2019, Yoma Strategic Holdings acquired a 10 percent stake from First Myanmar Investment. In May 2020, Ant Financial Group announced a proposed US$73.5 million investment intended to give it a 33 percent interest through newly issued shares. The following month, Yoma Strategic formed Yoma MFS, also known as Wave Holdco, with the plan of acquiring Telenor's entire 51 percent holding in Wave Money. The available reference material does not document whether every proposed transaction was completed, nor does it provide a confirmed current ownership structure, current executive roster or detailed product catalog. Accordingly, Wave Money is best characterized on the documented evidence as a Myanmar-based mobile financial services provider whose main historical significance lies in helping formalize and scale mobile money in the country.
- 2020
Ant Financial announces proposed investment
[1]Ant Financial Group announces a proposed US$73.5 million investment for a planned 33 percent interest through new share issuance.
- 2020
Yoma MFS is established
[1]Yoma Strategic creates Yoma MFS, also called Wave Holdco, to pursue the planned acquisition of Telenor's entire 51 percent stake.
- 2019
Begins government pension-payment collaboration
[1]Wave Money works with Myanmar Economic Bank to provide mobile pension payments to government pensioners.
- 2019
Yoma Strategic acquires a 10 percent stake
[1]Yoma Strategic Holdings purchases a 10 percent interest from First Myanmar Investment.
- 2018
Reaches approximately 1.3 million subscribers
[1]The service's subscriber base reaches approximately 1.3 million by March.
- 2018
Launches Shwe Toe
[1]Wave Money introduces a financial-education gamification app with the United Nations Capital Development Fund and Australia's Department of Foreign Affairs and Trade.
- 2016
Receives Myanmar mobile financial services license
[1]Wave Money becomes the first non-bank institution licensed under Myanmar's new Mobile Financial Services Regulation.
- 2015
Wave Money is established
[1]Wave Money is formed as a joint venture involving Telenor Group, Yoma Bank, Yoma Strategic Holdings and First Myanmar Investment.
Products and positioning
A mass-market Myanmar mobile-money provider focused on accessible digital payments, agent-assisted transactions and financial inclusion.
Mobile money · 2016
Wave Money mobile financial services
Wave Money's core service provides mobile-based financial transactions in Myanmar. The offering is associated with person-to-person money transfers, mobile payments and agent-supported interactions that connect digital accounts with the cash economy. The service was developed as a regulated non-bank mobile financial service and became one of the country's significant mobile-money platforms.
Financial education application · 2018
Shwe Toe
Shwe Toe is a gamification-based financial-education application launched by Wave Money in partnership with the United Nations Capital Development Fund and Australia's Department of Foreign Affairs and Trade. Its stated purpose was to improve financial understanding among young women by presenting financial concepts in an interactive format.
Institutional payment service · 2019
Mobile pension payments
Wave Money collaborated with Myanmar Economic Bank to support mobile pension payments for government pensioners. This was a partnership-based disbursement use case rather than a separately documented consumer product, showing how the Wave Money platform could support institutional payment delivery.
Marketing campaigns
- 2018Shwe Toe financial-literacy initiative
Myanmar
Wave Money worked with the United Nations Capital Development Fund and Australia's Department of Foreign Affairs and Trade to launch Shwe Toe, a gamified application designed to improve financial knowledge among young women.
Outcome. The reference material documents the launch and stated objective but does not provide measured audience or impact results.
Brand decisions
2020
Proposed Ant Financial investmentM&ABackground
Wave Money sought additional investment and strategic participation in its mobile-finance business.
Action taken
Ant Financial Group announced a US$73.5 million investment intended to obtain a 33 percent interest through new share issuance.
Aftermath
The reference material does not confirm whether the proposed investment was completed or state the final ownership structure.
Announced investment. US$73.5 million announced investment (May 2020)
2020
Plan to acquire Telenor's stake through Yoma MFSM&ABackground
Yoma Strategic sought to consolidate its position in Wave Money by pursuing Telenor Group's reported 51 percent holding.
Action taken
Yoma Strategic established Yoma MFS, also known as Wave Holdco, with the plan of acquiring Telenor's entire stake.
Aftermath
The available material does not confirm completion of the proposed acquisition.
2019
Expand into institutional pension disbursementsStrategyBackground
Wave Money's mobile platform could be used for payments beyond ordinary consumer transfers.
Action taken
The company collaborated with Myanmar Economic Bank to provide mobile pension payments to government pensioners.
Aftermath
The collaboration extended Wave Money's documented use cases into government-related payment distribution.
2019
Yoma Strategic increases its ownership positionM&ABackground
The joint venture's shareholder structure changed as Yoma Strategic Holdings increased its direct interest.
Action taken
Yoma Strategic acquired a 10 percent stake from First Myanmar Investment.
Aftermath
The transaction altered the ownership allocation, although the available material does not provide a complete post-transaction cap table.
2018
Launch Shwe ToeProduct launchBackground
Wave Money pursued financial-inclusion and financial-literacy objectives alongside its payment business.
Action taken
The company launched Shwe Toe with the United Nations Capital Development Fund and Australia's Department of Foreign Affairs and Trade.
Aftermath
The available material records the initiative but does not quantify its subsequent impact.
2016
Operate as a regulated non-bank mobile financial serviceStrategyBackground
Myanmar introduced a new Mobile Financial Services Regulation, creating a framework for mobile-money providers outside the conventional banking sector.
Action taken
Wave Money obtained a license and became the first non-bank institution to operate under the framework.
Aftermath
The authorization supported the launch and subsequent expansion of Wave Money's mobile-money service.
Recent events
Sources3 sources
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