The sale is part of Singtel’s ongoing measures to simplify its structure and portfolio
TELCO giant Singtel has inked a conditional agreement to sell its e-wallet app Dash to financial services firm Western Union.
The sale is part of Singtel’s ongoing measures to simplify its structure and portfolio to boost innovation and growth opportunities, said Singtel and Western Union on Thursday (Oct 24).
Anna Yip, deputy chief executive of Singtel Singapore, said the move is in line with the group’s Singtel28 strategy to focus on its core business and competencies.
“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,” she added.
During this period before the sale is approved, Dash users will continue to have access to existing services, said both companies.
Launched in 2014, the app has more than 1.4 million users. It allows users to pay, remit, save, invest and insure from one platform.
Western Union, which is listed on the New York Stock Exchange, said its acquisition of the app is part of its Evolve 2025 strategy. Announced in 2022, the strategy aims to expand its financial ecosystem, as well as improve the products and services it provides.
Shares of Singtel were trading up 0.6 per cent or S$0.02 at S$3.20 as at 9.07 am on Thursday.
