First-of-its-kind partnership in Myanmar will see Wave Money’s e-wallet platform integrated into Grab’s ride-hailing app; both parties to support the Myanmar community by bringing people into the digital economy and providing financial inclusion. Through the partnership, Grab’s driver partners can sign up for e-money accounts that allows them to easily manage their cash flow. Wave Money’s e-wallet platform will also be integrated in the Grab app as a cashless payment option for passengers. This is part of Wave Money’s and Grab’s shared commitment to make going cashless even more convenient for Grab driver-partners and passengers.
Yangon, Myanmar – The grant agreement between the United Nations Capital Development Fund (UNCDF) and Digital Money Myanmar (Wave Money) was signed on 9th January 2017, in the presence of representatives from the United Nations Development Program (UNDP) and the Australian Department of Foreign Affairs and Trade (DFAT). This joint investment agreement is based on Wave Money project being one of the winners of the UNCDF SHIFT Challenge Fund Second Window. UNCDF's Expanding Financial Access (EFA) Myanmar programme will provide the major funding for the Wave Money project, with rest of the funding from SHIFT's Challenge Fund Second Window primarily funded by DFAT.
Wave Money announced today that it is the first company to launch mobile financial services under the new Mobile Financial Services Regulation. This new regulation enables mobile operators to offer mobile financial services to people in Myanmar thereby increasing access to financial services to potentially millions of people. As a recipient of the registration certificate, Wave Money is now directly regulated by the Central Bank of Myanmar as a non-banking financial institution.
Wave Money announced today that it has successfully launched its services in more than 160 townships with over 4000 agents in Myanmar. The company received the first mobile financial services registration certificate issued by the Central Bank of Myanmar on 3rd October 2016.