Western Union has announced the acquisition of mobile wallet Dash from Singaporean telecoms conglomerate Singtel.
The payment and digital financial services giant said the move aligns with its Evolve 2025 strategy, as the firm seeks to globally expand its financial services with a particular focus on strengthening its digital capabilities.
Announced in October 2022, Western Union Evolve 2025 strategy’s key points include the reallocation of $150 million towards higher-priority areas, with the firm seeking to secure two per cent revenue growth by 2025.
Founded in 2014 and with a current client base of over 1.4 million users, Dash is a Singaporean all-in-one mobile wallet that enables its customers to pay, remit and top up prepaid accounts;, pay overseas bills; and invest, insure and shop from one app.
“Our business in Singapore is a unique blend of branded digital services and owned locations, serving citizens and residents across the country,” said Sohini Rajola, head of Asia Pacific at Western Union. “This strategic move accelerates our Evolve 2025 vision and strengthens our global digital capabilities.”
She added that the firm is currently working collaboratively with Singtel to secure regulatory approvals. In the meantime, Dash confirmed clients will be able to continue normal access to its services.
Singtel, which has a presence in Asia, Australia and Africa and over 780 million mobile customers, said the sale is part of a strategy that seeks to simplify the telco’s structure and portfolio, boosting its focus on growth opportunities, with Western Union currently being better positioned to support Dash’s future growth.
The Asian communications technology group operates next-generation connectivity and digital infrastructure, as well as providing a range of services including data hosting, cloud, mobile, broadband and TV services.
Anna Yip, deputy chief executive of Singtel Singapore said: “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.”
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