15 June 2020
Clifford Chance advises Yoma Group on financial inclusion JV in Myanmar
Leading international firm Clifford Chance has advised Yoma Group as Alipay operator Ant Financial Services Group invests US$73.5 million in Digital Money Myanmar (Wave Money)
Wave Money is a joint venture between Telenor Group and the Yoma Group which promotes financial inclusion for the unbanked and underbanked communities in Myanmar.
A leading financial services provider in Myanmar, Wave Money has a network of over 57,000 agents or “Wave Shops” in 295 out of 330 townships nationwide.
The partnership will allow Wave Money to extend its mobile payment platforms and range of service offerings.
Counsel Elizabeth Kong offered, "Mobile payment and financial services is the way of the future. It offers significant opportunities to grow the accessibility of financial services in Myanmar."
Partner Luke Grubb said, "This deal highlights our capability integrating traditional M&A advice with innovative fintech collaborative solutions, which require a deep understanding of the technology platforms and data sets in order to be able to properly advise clients on these complex transactions."
The Clifford Chance team consisted of partners Luke Grubb and Satbir Walia, counsel Elizabeth Kong and foreign legal consultant Brian Harley.