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Singaporean telecom operator Singtel has reached a conditional deal to sell its mobile wallet Dash to US financial company Western Union.
Dash will continue to provide services to its over 1.4 million users during the transition.
Launched in 2014, Dash is Singapore's mobile wallet, enabling users to carry out payment, remittance, savings, investment, and insurance services and offering accessibility to all irrespective of their telecommunications or banking affiliations.
This sale is part of Singtel's strategic efforts to streamline its operations and focus on fostering innovation and growth opportunities.
Singtel Singapore deputy CEO Anna Yip said: “In line with our Group’s Singtel28 strategy to focus on our core business and competencies, we have decided that Western Union is best placed to bring Dash to the next level.
“We will work closely with Western Union to ensure that our Dash customers and business partners continue to be well-supported and the transition is seamless.”
Western Union's acquisition of Dash is in line with its mission to deliver accessible financial services globally.
This acquisition is a strategic fit for Western Union's Evolve 2025 strategy, which aims to broaden its financial services ecosystem, double its digital business, and concentrate on product innovation and scalable market investments.
Western Union Asia Pacific head Sohini Rajola said: “We are excited to have the opportunity to welcome Dash to Western Union and are working collaboratively with Singtel to secure regulatory approvals.
“Our business in Singapore is a unique blend of branded digital services and owned locations, serving citizens and residents across the country.”
The deal awaits regulatory approvals.
Evercore Asia (Singapore) facilitated this deal for Singtel as the exclusive corporate finance adviser.
Meanwhile, in February this year, Western Union and Mercado Pago expanded their partnership, allowing US and Canadian customers to send money to Mercado Pago wallet accounts in Mexico via the Western Union app, website, or retail locations.
"Western Union to acquire Dash e-wallet from Singtel" was originally created and published by Electronic Payments International, a GlobalData owned brand.
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