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US money transfer service Western Union is set to significantly expand its scope in East Asia and Southeast Asia via a purchase of the Dash mobile wallet.

Western Union has secured terms with Sintgel, the developer and owner of Dash, to purchase the app. The sale is subject to regulatory approvals and financial terms have not been disclosed.

Singtel launched Dash in 2014, and it has since emerged as one of the leading mobile wallets in East Asia with over 1.4 million users and active in nine countries such as Indonesia, Malaysia and the Philippines.

The firm’s founder states that the sale forms part of ‘ongoing measures’ to simplify its structure and portfolio, with the long-term goal of boosting innovation and securing growth opportunities.

Ms 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.”

Western Union, meanwhile, is seeking to expand its international scope and the reach of its financial services operations. The firm is implementing its ‘Evolve 2025’ strategy of expanding its financial ecosystem and doubling its digital business.

The company has embarked on various partnerships over recent years in pursuit of these goals. In March this year, for example, it signed a seven year expansion of a deal with Visa covering 40 countries.

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.”