Myanmar Oriental Bank first Agent signed; Western Union poised to expand Agent presence and link its global network to Myanmar
The Western Union Company (NYSE: WU), a global leader in payments, today announced the signing of Myanmar Oriental Bank, its first Agent to offer Western Union® Money TransferSM Services in Myanmar. The service will offer Myanmar citizens a reliable and swift way to receive money from family and loved ones from around the world.
Western Union is one of the first global money transfer companies to operate in Myanmar, paving the way for formalized international money transfers three months after countries led by the US, European Union and Australia decided to lift investment and trade bans against the country.
Over two million Myanmarese are estimated to be employed across Thailand, Malaysia, Singapore, Bangladesh, Japan, Korea, US, Europe and Australia.
Myanmar Oriental Bank, a leading domestic bank in operation for 19 years, is among the first batch of private banks to be authorized to operate foreign currency services in Myanmar.
With a network of 19 locations, including representation in main commercial cities of Yangon, Mandalay, Mawlamyaing and Monywa, the Bank will work with Western Union to activate its services in accordance with Central Bank regulations.
“We are encouraged by the speed with which Myanmar Oriental Bank, the Myanmar Central Bank and others in Myanmar are facilitating economic change for their people. Western Union is pleased to be a part of this defining economic change in Myanmar,” said Drina Yue, Managing Director and Senior Vice President, Western Union, Asia Pacific.
“We are proud to provide a reliable financial link between overseas Myanmarese and their families back home. Our aim is to expand our network expeditiously and provide 100 percent coverage of countries popular with millions of Myanmarese abroad,” she said.
“We are extremely proud to be linked into Western Union’s impressive global network linking Myanmar to the rest of the world,” said Mr. Mya Than, Chairman of Myanmar Oriental Bank.