Singapore – Singtel, a telecommunications firm, has recently announced that it has signed a conditional agreement for the sale of mobile wallet Dash with Western Union, a financial services corporation.
Based on the joint statement, the sale is currently undergoing regulatory approvals, with existing Dash services still available to its customers for the time being. This initiative is part of Singtel’s ongoing efforts to streamline its structure and portfolio to accelerate innovation and growth opportunities.
It further aligns with Western Union’s mission to offer accessible financial services to aspiring populations worldwide.
Additionally, the strategic move underlines their 2025 strategy to expand its financial ecosystem and double its digital business by focusing on product innovation and scalable market investments.
Anna Yip, deputy CEO at 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,” Yip further explained.
Sohini Rajola, head of Asia Pacific at Western Union, further remarked, “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,” added Rajola.
For this transaction, Evercore Asia Pte. Ltd. served as exclusive corporate finance adviser to Singtel.
