Singtel has signed a conditional agreement to sell mobile wallet Dash to Western Union.
According to an Oct 24 announcement, the sale is subject to regulatory approvals and it is part of Singtel’s ongoing measures to simplify its structure and portfolio. Singtel did not disclose the financial details of the proposed divestment.
Dash customers will continue to have access to all existing services in the meantime, adds the Mainboard-listed telco.
Dash is a mobile wallet that lets customers pay, remit, save, invest and insure from one app. It is available to everyone regardless of their telco or banking relationship. Launched in 2014, Singtel claims Dash has over 1.4 million users.
Anna Yip, deputy CEO of Singtel Singapore, says: “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.”
New York Stock Exchange-listed Western Union says the acquisition is part of its “Evolve 2025 strategy” to expand its financial ecosystem, as well as double its digital business by focusing on product innovation and scalable market investments.
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Sohini Rajola, head of Asia Pacific at Western Union, says: “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.”
Evercore Asia (Singapore) acted as exclusive corporate finance adviser to Singtel on this transaction.
Singtel has yet to announce exactly when it will report its financial results for 1HFY2025 ended Sept 30, which is expected in early November.
Shares in SingTel closed at $3.18 on Oct 24.
