The investment will directly support IFC priorities in Paraguay, fostering private investment and competition; encouraging economic formalization through financial resources for local businesses; and directing capital toward solutions that drive gender equality.

The loan will increase access to finance for small and medium enterprises (SMEs) in Paraguay, which in turn will have a positive impact on job creation and the economic recovery from the effects caused by the COVID-19 pandemic and climate change.

The sale of the stake for $53 million in cash values Wave Money at $104 million and is set to be finalized in the coming days, according to people close to the deal.

City Express Myanmar and Money King were granted remittance licenses on 5 January.

The program will enable credit unions to facilitate loan origination, approvals, disbursements, and deposits digitally.

Government travel restrictions and orders to defer repayments and lower interest rates on loans due to COVID-19 have reduced the ability of Myanmar’s microfinance companies to help rural people who desperately need capital.

Where does Myanmar’s fintech industry stand after its first decade?

Myanmar Ministry of Social Welfare, Relief and Resettlement, Department of Social Welfare and Livelihoods and Food Security Fund LIFT have announced funding of $9 million in COVID-19 cash support to mothers, pregnant women and social pension beneficiaries.

The partnership will allow Wave Money to leverage Ant Group's experience in building mobile payment platforms to enhance its digital competence, capabilities, user experience and service offerings.