Telenor Group’s sale of its 51% share in Wave Money to a subsidiary of Singapore-based Yoma Strategic Holdings sees the Norwegian telecommunications operator one step closer to exiting junta-ruled Myanmar.

The stake sale is reportedly worth $53 million.

“International communities have pressured Norway companies not to work with the regime council and not to do economic investment and to stop already existing investment, especially Justice for Myanmar is carrying out the campaign,” an economic researcher who did not want to reveal their identity told DMG. “This might be the reason Telenor sold its shares of Wave Money.”

“When the transaction is concluded, Yoma Strategic will become the largest and controlling shareholder of Wave Money, ensuring that the company continue operations and further extend its leading role in Myanmar’s fintech sector,” Telenor said in a statement on Monday.

“In 2020, Wave Money processed a total of USD 8.7 billion in remittance and payments, which represented around 12 percent of Myanmar’s GDP,” the Telenor statement added. “The company runs a network of more than 45,000 active agents or ‘Wave Shops’ in urban and rural areas across 295 out of the 330 townships nationwide. The business has seen a significant recovery in volumes since June 2021 with the trend expected to continue.”

An observer of Myanmar’s digital payments environment said customers have had to pay a higher percentage to withdraw cash at Wave Money agents.

“I think Yoma Group has changed the policy. Customers should not be asked such a high percentage to withdraw cash. It happened as the regime council controls the digital money transfer system. I’d like to say it is not a good situation,” he said.

Telenor first announced plans to divest its Wave Money stake in June 2020 — well before the Myanmar military staged a coup on February 1, 2021. The Norwegian mobile operator has been seeking to completely cut ties with Myanmar business ventures in the aftermath of the putsch.