Singapore telecom conglomerate Singtel has reached an agreement to sell a mobile wallet. dashto western union.
The transaction, announced today, is pending regulatory approval. Meanwhile, customers will continue to have access to their existing Dash services throughout the process.
Launched in 2014, Dash allows users to make payments, send money internationally, save, invest, and buy insurance, all within one app.
The mobile wallet reportedly has more than 1.4 million users and is available to anyone, regardless of their carrier or banking relationship.
singtel The company said the sale is part of a broader strategy to streamline its operations, focus on its core business areas, and simplify its structure and portfolio to foster innovation and growth opportunities.
Meanwhile, Western Union sees the acquisition as a way to expand its financial ecosystem in Singapore and the Asia-Pacific region.
The move is in line with the company’s plan to double down on its digital business, with a focus on product innovation and scalable market investments.
Western Union is working closely with Singtel to secure regulatory approvals and ensure a smooth transition for customers.
Anna Yip, Deputy CEO of Singtel Singapore, said:
“In line with our group’s Singtel28 strategy of focusing on core businesses and capabilities, we identified Western Union as the best fit to take Dash to the next level.
We will continue to work closely with Western Union to ensure that Dash customers and business partners continue to be well supported and the transition is seamless. ”
Sohini Rajola, Head of Asia Pacific at Western Union, said:
“We are excited about the opportunity to welcome Dash to Western Union and are working collaboratively with Singtel to secure regulatory approval.
Our business in Singapore is a unique combination of branded digital services and our own footprint, serving citizens and residents across the country. With this strategic move, Evolving the vision for 2025and strengthen our global digital capabilities. ”
Featured image credit: Edited from freepic
