Western Union strikes deal with Myanmar's Kanbawza Bank

Source: Western Union

The Western Union Company (WU), a leader in global payment services, announced today that its services are now available in 13 of Myanmar's 14 states and divisions, with the addition of 100 branches at Kanbawza Bank (KBZ Bank).

Since the launch of Western Union Money Transfer services at six bank Agents in January this year, consumers from 74 countries including Australia, Canada, Japan, Malaysia, Singapore, Thailand, UAE, US, UK and other European countries, have sent money into Myanmar through Western Union.

"We are delighted to be working with Myanmar's largest private bank KBZ Bank to expand Western Union's money-in-minute[1] services across the country, including the introduction of services in Kachin state. Consumers can now receive Western Union(R) money transfers in 13 of the country's 14 states and divisions -- another significant step towards bringing the world to every corner of Myanmar," Ly Nguyen, Regional Director, Indochina, Western Union, said.

U Nyo Myint, Managing Director, International Banking, KBZ Bank, said, "Many of our customers rely on their overseas family and friends' regular financial support. Being a leader in the retail banking with a large customer base in Myanmar, we are honored to collaborate with Western Union -- a strong brand with solid core values and superior customer service experience -- to provide an essential service which serves as a vital link between Myanmar citizens here and overseas"

With the addition of KBZ Bank, the Western Union Money Transfer service is now offered through a combined network of 250 bank branches across seven divisions and six states in Myanmar.

Western Union was the first global money transfer operator to offer international money transfer services in Myanmar after investment and trade sanctions were eased last year.

[1] Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory and foreign exchange issues, required receiver action(s), identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Additional Restrictions may apply. See Send form for details. 

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