Myanmar’s Wave Money taps Amdocs for Digital Financial Services platform
Digital Money Myanmar Limited (Wave Money), Myanmar’s largest mobile financial services provider, has selected US-based telco software firm Amdocs to enhance its core platform.
Wave Money to deploy Amdocs’ Digital Financial Services platform
Wave Money has chosen to deploy Amdocs’ Digital Financial Services platform to enhance its service capabilities.
Founded in 2015, Wave Money offers a range of cash transfer, remittance, and payment services, while its WavePay mobile wallet currently has over 11.5 million users.
Amdocs says its tech will give Wave Money “the agility needed to respond to rapidly changing market demands while ensuring scalability, maintaining business continuity and optimising operational costs”.
It adds that through the partnership, Wave Money will be able to offer “a broader array of financial tools designed to meet the needs of both urban and rural users, thereby contributing to financial inclusion across Myanmar”.
Amdocs’ digital wallet solution is designed to streamline salary disbursements, remittances, utility payments, and more, according to the company’s website.
The platform’s use cases span loyalty programmes, digital savings, loan accounts, fixed deposits, and currency transactions, all supported by integrated anti-money laundering (AML) and fraud prevention modules.
Headquartered in Chesterfield, Missouri, Amdocs is primarily a telecommunications software and services provider, but the firm has been making a deliberate move into the fintech sector over recent years.
Speaking with FinTech Futures last year, Zur Yahalom, SVP and account executive for Comcast at Amdocs, said that while telco remains the “core of the company,” the business diversified into financial services as telco as an industry was not growing as fast as it was a decade ago.
The company now offers a range of financial products, including product management, pricing, and billing solutions.
