• Burmese
Friday, June 20, 2025
No Result
View All Result
NEWSLETTER
The Irrawaddy
26 °c
Yangon
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home Business

Wave Money CEO Sees Potential in Burma’s Underdeveloped Market

Kyaw Hsu Mon by Kyaw Hsu Mon
September 5, 2016
in Business
Reading Time: 3 mins read
0 0
A A
Wave Money CEO Brad Jones. / Myo Min Soe / The Irrawaddy

Wave Money CEO Brad Jones. / Myo Min Soe / The Irrawaddy

5.4k
VIEWS
Share on FacebookShare on Twitter

RANGOON — Wave Money is a mobile financial services joint venture between Norway’s Telenor and Burma’s Yoma Bank. After its first year in Burma, 4,000 “Wave shops” have been set up across the country, where users can transfer money via mobile accounts or agents. Wave Money chief executive officer Brad Jones talks to The Irrawaddy about the potential market in Burma’s underdeveloped mobile financial sector.

What is mobile money? And what is the current market situation in Burma, considering this industry is still underdeveloped?

Mobile money is the ability to transfer money from one person to another, and we target people who don’t have bank accounts. People can easily transfer money around the country, and in our initial launch that’s what we’re having people do—transferring money through shops, agents or their mobile phones.

RelatedPosts

Myanmar Junta Restricts Mobile Money Payments to cut Resistance Funding

Myanmar Junta Restricts Mobile Money Payments to cut Resistance Funding

August 18, 2022
5.3k
--

The Irrawaddy Business Roundup

June 27, 2020
7.6k
A Wave Money agent in downtown Yangon / Aung Kyaw Htet / The Irrawaddy

Myanmar’s Yoma Strategic to Buy Majority Stake in Wave Money From Telenor

June 24, 2020
6.3k

As new telecoms companies provide good infrastructure in the country now, Burma is one of the fastest growing mobile markets in the world. Smart phone access is rising, similar to in Malaysia and Thailand. Smart phone access and development of 3G and soon 4G networks provide a great opportunity for mobile money services. We can provide digital services to customers who are far away from banks. This is a huge opportunity for us.

What challenges do you face?

Burma is geographically a very large country. We have to develop mobile cash management models with Yoma Bank so we can have distributors in Wave shops providing e-money to our customers in many locations. We’re starting to work in some remote areas and it is challenging. But Yoma will be able to work this out through distributors and Wave shops that will provide e-money.

Who are your customers?

It’s very early for us and we’re seeing quite a range. It’s people in Rangoon who want to like us and are looking for trendy products. But also, there is a customer who works on a gas pipeline and transfers money back to his family. He is quite poor and has no bank account and he finds that this is an easy way for him to send money. So we’re seeing quite a variety of people using our service.

What about product expansion? Do you have plans to expand Wave shops across the country?

We now have 4,000 Wave shops across the country. We’re located in every region of Burma, with the exception of Arakan and Chin states—where we will launch soon. We will continue to expand and want to represent every township in the country.

As far as investment, what percentage shares do Yoma Bank and Telenor own?

Telenor owns 51 percent of the company, First Myanmar Investment owns 44 percent and Yoma bank owns 5 percent. The total investment is about US$17 million.

 Do you plan to expand investment so as to launch new products?

Sure. We’re currently looking for new product opportunities. We have to wait for approval before expanding our existing products though.

Is it difficult working with the Central Bank of Myanmar because of the transition in government? Do you think this industry could be developed under the Central Bank’s supervision?

The Central Bank has come under fire lately, I have heard. We have no issue working with the Central Bank. Regulations are appropriate, there is a good balance of risk and there is flexibility.

Who are your competitors in the market?

At this stage we don’t really have any competitors, even though other operations have launched. What we’re waiting for is for other telecoms operators—like MPT and Oreedoo—to directly launch into the market. I am positive there will be competition in the market. One thing we’re concerned about is operators who aren’t regulated entering the market. It’s important that there’s a level playing field and that customers are protected. If customers are protected, firms are secure.

Your Thoughts …
Tags: Wave Money
Kyaw Hsu Mon

Kyaw Hsu Mon

The Irrawaddy

Similar Picks:

Myanmar Junta Restricts Mobile Money Payments to cut Resistance Funding
Burma

Myanmar Junta Restricts Mobile Money Payments to cut Resistance Funding

by The Irrawaddy
August 18, 2022
5.3k

People at home and overseas have been using mobile wallet apps to give financial support to the anti-coup movement.

Read moreDetails
Central Bank Deputy Governor Daw Khin Saw Oo presents a certificate for mobile financial services to Wave Money CEO Brad Jones. / Wave Money
Business

Wave Money Receives Mobile Financial Service License From Central Bank

by Kyaw Hsu Mon
October 3, 2016
7.6k

Burma’s Central Bank has granted the country’s first mobile financial services license to Wave Money, a mobile money-transfer joint venture.

Read moreDetails
A Wave Money agent in downtown Yangon / Aung Kyaw Htet / The Irrawaddy
Business

Myanmar’s Yoma Strategic to Buy Majority Stake in Wave Money From Telenor

by Nan Lwin
June 24, 2020
6.3k

Tycoon Serge Pun’s Yoma Strategic Group has announced it will buy a 51-percent stake in mobile financial services company Wave...

Read moreDetails
The Ayeyarwady regional government providing basics to the poor in April. / Salai Thant Zin / The Irrawaddy
Burma

Myanmar Government Promises Cash to Families Hit by COVID-19

by Thiha Lwin
May 18, 2020
5.9k

Cash delivered to struggling families through phone apps is more efficient than delivering food packages, the government says.

Read moreDetails
--
Business Roundup

Irrawaddy Business Roundup

by Nan Lwin
May 23, 2020
4.1k

This week Myanmar saw major pledges from the World Bank and Alibaba as the government promised COVID-19 relief will reach...

Read moreDetails
--
Business Roundup

The Irrawaddy Business Roundup

by Zaw Zaw Htwe
June 27, 2020
7.6k

This week, many regions in Myanmar approved new investments, the World Bank released a new GDP projection and local firm...

Read moreDetails
Load More
Next Post
Posters of the Wathann Film Festival seen in Rangoon. / Damien Cloarec / Wathann Film Festival

Wathann Film Festival Non-Competition Highlights

Taunggyi District NLD chairman U Tin Maung Toe. / Tin Maung Toe / Facebook

Taunggyi District NLD Party Chairman Protests Verbal Expulsion Order

No Result
View All Result

Recommended

Myanmar Tourism Sector Mocks Junta’s Russia Tourist Drive

Myanmar Tourism Sector Mocks Junta’s Russia Tourist Drive

7 days ago
1.7k
Untested Commander Takes Charge as Myanmar Military Faces Toughest Challenge in Decades

Untested Commander Takes Charge as Myanmar Military Faces Toughest Challenge in Decades

7 days ago
1.8k

Most Read

  • Global Campaign Reaches Goal to Honor Aung San Suu Kyi on Her 80th Birthday

    Global Campaign Reaches Goal to Honor Aung San Suu Kyi on Her 80th Birthday

    shares
    Share 0 Tweet 0
  • On Daw Aung San Suu Kyi’s Birthday, Recalling the Cake That Rattled the Junta

    shares
    Share 0 Tweet 0
  • Bago Resistance Claims 20 Myanmar Junta Personnel Killed

    shares
    Share 0 Tweet 0
  • Thai PM Faces Growing Calls to Quit in Cambodia Phone Row

    shares
    Share 0 Tweet 0
  • Mon Groups Vow to Boost Attacks on Myanmar junta

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Books
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.