Western Union expands business in Myanmar

The Western Union, a financial services and communications company, has expanded its remittance business in Myanmar under the cooperation with nine local banks, the company said.

The announcement coincided with the ceremony to mark the company’s one-year anniversary, held yesterday at the Park Royal Hotel and attended by officials from Central Bank of Myanmar and the local banks.

“According to statistics, Myanmar has more than two million workers working abroad. It’s one of the countries with a large number of migrants workers in the world. The international remittance is a very important service for them,” said Nguyen Thi Nhu Ly, country director for Myanmar Western Union.

The service is very popular among Myanmar expats to send their money back to their families.

The nine local banks namely Ayeyarwady Bank, Co-operative Bank, First Private Bank, Kanbawza Bank, Myanmar Apex Bank, Myanmar Treasure Bank, Myanmar Oriental Bank, United Amara Bank and Yoma Bank are in cooperation with Western Union as local agents providing more than 460 outlets across the country to send and receive funds.

Western Union will soon work with the Co-operative Bank to reach out to Chin State which is mountainous and difficult to access.

The company has its operations in 200 countries and territories.

Source: ELEVEN Myanmar

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