The Western Union Company (WU), a leader in global payment services, today launched Western Union Money Transfer services at six banks in Myanmar, for the first time allowing Myanmarese and residents to receive international money remittances from more than 200 countries and territories in minutes.
In addition to the six banks, Kanbawza Bank, the largest private bank in Myanmar with over 90 locations nation-wide, has signed with Western Union.
A combined network of more than 150 locations representing Co-operative Bank, First Private Bank, Myanma Apex Bank, Myanmar Livestock and Fisheries Development Bank, Myanmar Oriental Bank and United Amara Bank are now connected to Western Union's global network of over 500,000 Agent locations.
Kanbawza's agreement will further expand the Western Union Agent Network to nearly 250 locations in the coming month. Western Union is the first global money transfer operator to sign seven banks after sanctions were eased last year.
"We welcome our first six Bank Agents into the Western Union family. Together, we are delighted to move money into Myanmar, allowing its people to access remittances with speed, reliability and convenience," said Drina Yue, Managing Director and Senior Vice President, Western Union, Asia Pacific.
"In connecting Myanmar with great swiftness, we have furthered our company vision of serving the under-served. For this, we thank the Myanmar government, regulators and our Bank Agents for showing great foresight in facilitating rapid service activation much needed by mostly Myanmar's citizens living and working across the globe," she said.
"International money transfer is an essential service for Myanmarese overseas and their families; it is a vital link to send money for regular financial support, education, medical, gifting on special occasions and other purposes," she said.