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Photo: Wave Money s Facebook
May 4, 2021
The proposed investment in Myanmar-based fintech firm Wave Money by Chinese financial services giant Ant Group is far from materialising due to the political situation in the country.
SGX-listed Yoma Strategic Holdings (YSH), one of the joint venture partners in Wave Money, said on Monday that the long stop date for the Ant Group deal has not been extended from April 30, 2021. A long stop date is the date within which the transaction has to be completed.
Since the proposed investment announcement in May 2020, the long stop date has been extended three times, according to YSH’s earlier announcements.
Games of the Generals Iris Gonzales
The time difference between Myanmar and other countries in the region including the Philippines, is one and a half hours. But in reality, visitors to this Southeast Asian country must set their timepieces 50 years back.
After half a century of military rule, Myanmar has dramatically fallen behind its peers. Today, it is again back in military rule as the country’s armed forces refuse to acknowledge the results of a recent democratic election that affirmed the civilian leadership of Aung San Suu Kyi.
At first glance, Myanmar glimmers with golden hues – from its multitude of age old stupas in the ancient city of Bagan to the thousands of tiny Buddha souvenirs sold in its bustling markets; from its monks roaming in saffron tunics to its famed gilded Shwedagon Pagoda in Yangon which glistens under the golden sun. The friendly smiles of its people shine, too, all the way to a visitor’s heart.
‘On Tuesday 19 January 2021, construction workers working at the Yoma Central site in downtown Yangon took to the streets to protest salary and compensation-related grievances. We would like to apologise for any inconvenience caused to the community as a result of the disruption.