Singtel to sell digital wallet platform Dash to Western Union
by Daphne Yow · CNA · JoinSINGAPORE: Singtel has agreed to sell its digital wallet platform Dash to US financial services company Western Union, both companies said in a joint press release on Thursday (Oct 24).
The telco added that the sale is part of "ongoing measures to simplify its structure and portfolio to boost innovation and growth opportunities".
The companies have signed a conditional agreement on the sale, which will be subject to regulatory approvals.
In the meantime, current Dash customers will continue to have access to all existing services, said the companies.
When asked if the sale will lead to any job cuts, a Singtel spokesperson told CNA that "all staff will be deployed across Western Union or Singtel".
Singtel did not respond to other queries, including on the monetary value of the deal and the expected timeline for the sale.
"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," said Ms Anna Yip, deputy CEO at Singtel.
She added that the sale is in line with Singtel's strategy to focus on its "core business and competencies".
Launched in 2014, Dash is a mobile wallet platform providing users with financial services such as payments and remittances. For instance, it allows customers to remit money to over 35 countries, including Indonesia, the Philippines and Australia.
The platform has over 1.4 million customers, according to Singtel. It offers its services to users regardless of the telco or bank they use.
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