Telenor Group, one of the world’s major mobile operators, also the largest shareholder in Digi, announced that it has acquired Prabhu Money Transfer Sdn Bhd, a licensed money services business based in Malaysia that provides international remittance services. The acquisition is for 100% share capital of Prabhu.
According to the leading Telco group, with Prabhu’s existing high quality networks and well-established distribution channels, Telenor Group’s mobile financial services footprint in Asia will be further strengthened. This acquisition will also fortify Telenor Group’s commitment to continue to deliver more financial services in the region.
“The market in Asia is at a pivotal shift, the World Bank’s 2014 Global Findex report shows that from the years 2011 to 2014, the percentage of adults with an account at a financial institution or mobile money service provider grew to 62 percent from 51 percent. This complements Telenor Group’s strategic ambition for mobile financial services in Asia to increase and develop services around four main pillars: payment, savings, lending and insurance, to serve the unbanked and underbanked,’’ said Tine Wollebekk, SVP and Head of Financial Services at Telenor Group.
She added, “Financial infrastructure is a vital asset in all societies and through Telenor Group’s initiatives on financial inclusion, we will digitalize cash, and help strengthen and develop societies. It is our belief that over time, remitted money will be stored on a mobile wallet, which is in line with our ambition to see more than half of our customers use their mobile phones for financial services in the next five years.”
Prabhu is a multi-country international remittance platform that provides remittance transfer services to various customer groups.
Telenor Group is present in 13 markets across Asia and Europe. The company entered Asia in 1996, and has since emerged as a leading regional mobile operator, adding more than 170 million subscribers in the past decade including some 12.3 million subscribers in Digi.