Nordic operator Telenor Group has sold its 100% stake in Malaysian mobile financial services business Valyou to fintech Merchantrade.
Merchantrade is a cross-border digital remittance service provider and e-money issuer with over two million customers.
A Telenor statement said: “For Telenor Group this was the right time to divest, as Merchantrade is well suited to take the Valyou business forward. By leveraging each other’s expertise, Merchantrade and Valyou will further develop the business and strengthen the money services and digital payment landscape in Malaysia.”
The acquisition has received approval from Bank Negara Malaysia, Malaysia’s central bank.
Telenor said it will continue to focus on creating value in the Malaysian market through its mobile operator Digi, which it called “an important operation for the company”.