Yangon, Myanmar – 14 July 2020 – Wave Money, the leading provider of mobile financial services in Myanmar, and Yoma Bank, one of the most progressive banks in the country, have partnered to enable an online linkage system that allows both WavePay and Yoma Bank’s SMART Account Holders nationwide to instantly activate online fund transfers to and from Yoma Bank SMART accounts with free of charge. 

The WavePay-Yoma Bank SMART account linkage goes live starting today, 14 July 2020.  The digital linkage can be activated instantly with a One-Time-Password (OTP) sent to the users’ mobile phone that is being connected to the Yoma Bank SMART account. Cash-in and cash-out transactions between two linked accounts are free of charge. With this integration, the linkage can be achieved digitally, bringing in instant access to all the Features of WavePay app including the 58,000 Wave Shops’ Network across Myanmar to Yoma Bank’s SMART Account Holders. 

Electronic linkage is normally done at bank branches. Customers have to physically visit a bank to set up the link and wait up to a few days for their mobile phones to be connected to their bank accounts before they can make digital payments and transfer funds.

The Technology integration is an essential new feature that links the WavePay app and Yoma Bank Mobile Banking application as the COVID-19 pandemic demands greater connectivity on digital platforms. An e-wallet provides a time-efficient, secure, and convenient way to make payments or funds transfer.  With the online linkage system, Yoma Bank SMART account holders can conveniently activate and use Wavepay in their daily lives particularly during these times of social distancing. 

About Wave Money

Wave Money is the leading mobile financial services provider operating with over 58,000 Wave shops across Myanmar. Wave Money is a joint venture between Telenor, Ant Financial Services Group, Yoma Bank and Singapore Exchange listed Yoma Strategic Holdings and provides easy, fast and reliable mobile financial services through a nationwide agent network. Wave Money introduced a unique way of transferring money, bringing millions of people in Myanmar access to formal financial services. Through Wave Money, thousands of people a day are sending money anywhere and at any time. The Wave Money call center operates 24/7 and is always available to respond to any customer queries. For more information, please visit: www.wavemoney.com.mm