Singapore Post (SingPost) has launched remittance services to Myanmar, it said on Wednesday.
The post services provider is partnering four commercial banks in Myanmar, such as Asia Green Development Bank, Cooperative Bank, Kanbawza Bank and Tun Foundation Bank.
SingPost said it is one of the first postal service provider in the world to offer remittance services to Myanmar.
Apart from remitting money to their families in Myanmar, senders can also remit their salaries home as savings, which will generate interest paid out by the banks in Myanmar, it said.
It said that there are some 150,000 to 200,000 Myanmar nationals in Singapore.
Singapore businessmen have been active in recent years in exploring the Myanmar market as the country carried out reforms and opened up to the outside world gradually.
Source: Mizzima News Myanmar