SINGAPORE: Both companies announced in a joint press release on Thursday ( October 24 ) that Singtel has agreed to sell its digital wallet platform Dash to US financial services company Western Union.
The company added that the purchase is a part of “ongoing efforts to reduce its framework and portfolio to increase innovation and growth opportunities.”
The sales will become subject to regulatory approvals, and the companies have agreed to a provisional arrangement.
In the meantime, present Dash consumers will continue to have access to all existing service, said the organizations.
When questioned if the price will result in any career cuts, a Singtel spokesman declared to CNA that” all personnel may be deployed across Western Union or Singtel.”  ,
Singtel did not respond to various inquiries, including those regarding the anticipated sale date and the monetary worth of the package.
” We will work closely with Western Union to make sure that our Dash consumers and business partners are still receiving good support and that the change is seamless,” said Ms. Anna Yip, Singtel’s assistant CEO.
She added that the price is in line with Singtel’s plan to focus on its” primary company and competencies”.
Dash, a smart budget platform that was launched in 2014, offers users financial services like payments and remittances. For example, it allows users to submit income to over 35 states, including Indonesia, the Philippines and Australia.
The program has over 1.4 million users, according to Singtel. It offers its services to users , regardless of the company or institution they use.