Telenor Group andYoma Strategic have entered into an agreement to sellTelenor Group's 51 percent share ofDigital Money Myanmar Limited (Wave Money) forUSD 53 million (aroundNOK 470 ) toYoma MFS Holdings Pte. Ltd , a subsidiary ofYoma Strategic . This subsidiary is to be funded by a consortium of investors led byYoma Strategic which remains subject to completion and final funding. When the transaction is concluded,Yoma Strategic will become the largest and controlling shareholder of Wave Money, ensuring that the company continue operations and further extend its leading role inMyanmar's fintech sector. The company was launched inNovember 2016 as a joint venture betweenYoma Bank andTelenor Group . The agreement betweenYoma Strategic andTelenor Group completes the divestment process announced inJune 2020 . The transaction is subject to various conditions in order to be completed, among them regulatory approval from theMyanmar Central Bank .
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