Singapore – Major telco player Singtel has announced that it intends to sell its mobile wallet Dash to Western Union. As the sale is subject to regulatory approvals, Singtel assures that Dash customers will continue to have access to all existing services in the meantime.
Launched in 2014, Dash is an all-in-one mobile wallet that lets customers pay, remit, save, invest and insure from one app. Currently, it has it has over 1.4 million users and is available to everyone regardless of their telco or banking relationship.
For Singtel, the sale is part of their ongoing measures to simplify its structure and portfolio to boost innovation and growth opportunities.
Moreover, the acquisition aligns to Western Union’s purpose to provide accessible financial services to aspiring populations worldwide. It underscores Western Union’s Evolve 2025 strategy to expand its financial ecosystem, as well as double its digital business by focusing on product innovation and scalable market investments.
Anna Yip, deputy CEO of Singtel Singapore, 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.”
Meanwhile, Sohini Rajola, head of Asia-Pacific at Western Union, commented, “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. This strategic move accelerates our Evolve 2025 vision, and strengthens our global digital capabilities.”
Evercore Asia (Singapore) Pte. Ltd. acted as exclusive corporate finance adviser to Singtel on this transaction.
