Singtel, a Singaporean telecoms conglomerate, has reached an agreement to sell its mobile wallet, Dash, to Western Union.
The deal, announced today, is pending regulatory approval. In the meantime, existing Dash services remain accessible to customers throughout the process.
Dash, launched in 2014, allows users to make payments, send money overseas, save, invest, and purchase insurance all within a single app.
The mobile wallet reportedly has over 1.4 million users and is available to everyone, regardless of their telco or banking relationship.
Singtel stated the sale is part of a broader strategy to streamline its operations and focus on core business areas, simplifying its structure and portfolio to boost innovation and growth opportunities.
Meanwhile, Western Union views the acquisition as a way to expand its financial ecosystem in Singapore and the Asia Pacific region.
The move aligns with its plans to double its digital business, focusing on product innovation and scalable market investments.
Western Union is working closely with Singtel to secure regulatory approvals and ensure a smooth transition for customers.
Anna Yip, Deputy CEO of 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.”
Sohini Rajola, Head of Asia Pacific at Western Union said,
“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.”
Featured image credit: Edited from Freepik