Singtel and Western Union Announce Agreement on Sale of Dash
Singtel and Western Union have signed a conditional agreement for the sale of Dash, Singapore's leading mobile wallet with over 1.4 million users. Dash, launched in 2014, offers payment, remittance, savings, investment, and insurance services through a single app. The sale aligns with Singtel's strategy to simplify its portfolio and Western Union's Evolve 2025 plan to expand its financial ecosystem and double its digital business. The transaction is pending regulatory approvals, with existing Dash services continuing uninterrupted for customers.
Singtel e Western Union hanno firmato un accordo condizionale per la vendita di Dash, il principale portafoglio mobile di Singapore con oltre 1,4 milioni di utenti. Dash, lanciato nel 2014, offre servizi di pagamento, rimessa, risparmio, investimento e assicurazione tramite un'unica app. La vendita è in linea con la strategia di Singtel di semplificare il proprio portafoglio e con il piano Evolve 2025 di Western Union per espandere il proprio ecosistema finanziario e raddoppiare il business digitale. La transazione è in attesa di approvazioni regolatorie, con i servizi esistenti di Dash che continueranno senza interruzioni per i clienti.
Singtel y Western Union han firmado un acuerdo condicionado para la venta de Dash, la billetera móvil líder en Singapur con más de 1,4 millones de usuarios. Dash, lanzada en 2014, ofrece servicios de pago, remesas, ahorro, inversión y seguros a través de una única aplicación. La venta se alinea con la estrategia de Singtel de simplificar su portafolio y con el plan Evolve 2025 de Western Union para expandir su ecosistema financiero y duplicar su negocio digital. La transacción está pendiente de aprobaciones regulatorias, con los servicios existentes de Dash continuando sin interrupción para los clientes.
싱텔과 웨스턴 유니온이 140만 이상의 사용자를 보유한 싱가포르의 주요 모바일 지갑 대시 매각을 위한 조건부 합의를 체결했습니다. 2014년에 출시된 대시는 단일 앱을 통해 결제, 송금, 저축, 투자 및 보험 서비스를 제공합니다. 이번 매각은 싱텔의 포트폴리오 간소화 전략과 웨스턴 유니온의 Evolve 2025 계획과 일치하여 금융 생태계를 확장하고 디지털 비즈니스를 두 배로 늘리는 것을 목표로 합니다. 이 거래는 규제 승인을 기다리고 있으며, 기존 대시 서비스는 고객을 위해 중단 없이 계속됩니다.
Singtel et Western Union ont signé un accord conditionnel pour la vente de Dash, le portefeuille mobile leader à Singapour avec plus de 1,4 million d'utilisateurs. Lancé en 2014, Dash propose des services de paiement, de transfert d'argent, d'épargne, d'investissement et d'assurance via une seule application. La vente s'inscrit dans la stratégie de Singtel de simplifier son portefeuille et dans le plan Evolve 2025 de Western Union visant à étendre son écosystème financier et à doubler son activité numérique. La transaction est en attente d'approbations réglementaires, les services existants de Dash se poursuivant sans interruption pour les clients.
Singtel und Western Union haben eine bedingte Vereinbarung zum Verkauf von Dash unterzeichnet, der führenden mobilen Geldbörse Singapurs mit über 1,4 Millionen Nutzern. Dash, das 2014 auf den Markt kam, bietet Zahlungs-, Überweisungs-, Spar-, Investitions- und Versicherungsdienste über eine einzige App an. Der Verkauf steht im Einklang mit der Strategie von Singtel, sein Portfolio zu vereinfachen, und dem Evolve 2025-Plan von Western Union, sein Finanzökosystem zu erweitern und das digitale Geschäft zu verdoppeln. Die Transaktion steht noch unter dem Vorbehalt von Genehmigungen durch die Regulierungsbehörden, während die bestehenden Dash-Dienste ohne Unterbrechung für die Kunden fortgesetzt werden.
- Dash has a substantial user base of over 1.4 million customers
- Sale aligns with Western Union's strategy to double its digital business
- Transaction expands Western Union's financial ecosystem in Singapore
- Singtel divesting from its digital payment business indicates portfolio restructuring
Insights
The acquisition of Dash by Western Union represents a strategic move in the digital payments landscape. With 1.4 million users, Dash's established presence in Singapore provides WU with immediate market penetration and a comprehensive fintech platform offering payments, remittances, investments and insurance services. This aligns perfectly with WU's Evolve 2025 strategy to expand its digital ecosystem and double its digital business.
The deal strengthens WU's competitive position in Asia's rapidly growing digital payments market. Singapore serves as a strategic hub for financial services in Southeast Asia and this acquisition could provide a springboard for regional expansion. While the financial terms aren't disclosed, the integration of Dash's technology and customer base could accelerate WU's digital transformation and reduce the development costs of building similar capabilities from scratch.
This acquisition positions Western Union strategically in Singapore's mature digital payments ecosystem. The deal provides WU immediate access to a sophisticated user base familiar with digital financial services, bypassing the typically lengthy customer acquisition phase. Dash's multi-service platform model, which includes features beyond traditional remittances, represents valuable intellectual property and market insights for WU's global digital expansion plans.
The timing is particularly relevant as Singapore continues to lead in fintech adoption across Southeast Asia. For Singtel, divesting Dash aligns with their strategic refocus on core telecom operations, while potentially maintaining a valuable partnership with WU for future collaborations in digital services.
Dash is Singapore’s leading all-in-one mobile wallet that lets customers pay, remit, save, invest and insure from one app. Launched in 2014, it has over 1.4 million users and is available to everyone regardless of their telco or banking relationship. The sale is part of Singtel’s ongoing measures to simplify its structure and portfolio to boost innovation and 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.”
Dash is one of the most inclusive digital financial solutions in
Sohini Rajola, Head of
Evercore Asia (
About Singtel
Singtel is a leading Asian communications technology group, operating next-generation connectivity, digital infrastructure and digital businesses including regional data centre arm Nxera and regional IT services arm NCS. The Group has presence in
For consumers, Singtel delivers a complete and integrated suite of services, including mobile, broadband and TV. For enterprises, Singtel offers a complementary array of workforce mobility solutions, data hosting, cloud, network infrastructure, analytics and cyber security capabilities.
Singtel is dedicated to continuous innovation, harnessing technology to create new and exciting customer experiences, support enterprises in their digital transformation and shape a more sustainable, digital future.
For more information, visit www.singtel.com
About Western Union
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper.
For more information, visit www.westernunion.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023496469/en/
Singtel media contacts:
Marian Boon
Senior Director, Group Strategic Communications and Brand
Mobile: +65 8876 1753
Email: marian@singtel.com
Malini Nathan
Director, Group Strategic Communications and Brand
Mobile: +65 8129 6013
Email: malini.nathan@singtel.com
Western Union media contacts:
Saadia McGlinchey
saadia.mcglinchey@wu.com
Karen Santos
karen.santos2@westernunion.com
Source: The Western Union Company
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