YANGON, Myanmar--(BUSINESS WIRE)--
(NASDAQ: MGI), a leading global money transfer company, announced today
that its international money transfer service will be available in
Myanmar. Services will be provided through an alliance with three banks:
Asia Green Development (AGD) Bank, Myanmar Citizens Bank (MCB) and Tun
Foundation Bank (TFB).
"We are happy to announce that we will be reaching consumers in Myanmar
through our alliance with these exceptional bank agents," said Grant
Lines, MoneyGram senior vice president of APAC, South Asia and Middle
East. "Our money transfer services will be offered in 10 of Myanmar's 14
states, giving consumers access to affordable remittances. It's an
important step for MoneyGram as we increase our global footprint and
make our services available to more customers worldwide."
MoneyGram's initial services in Myanmar allow consumers to securely
receive money from friends and family through these three banks, which
have locations spread across the country. Each bank was selected for its
reliability and reputation: MCB is a public bank, TFB is almost 20 years
old and privately owned, and the parent company of AGD Bank owns the
largest chain of banking businesses in the region.
According to the World Bank, there were more than 510,000 Myanmar
immigrants living across the globe in 2010. It is also estimated that
about 2 million former Myanmar residents now work in countries including
Thailand, Singapore, Japan, Australia and the U.S. The move
strategically positions MoneyGram to provide services to previously
underserved Myanmar customers, and aims to bring customers closer
through money transfers that can be made to and from locations across
With the launch of money transfer services at these three banks, Myanmar
consumers can receive funds from nearly 80 countries including Canada,
Japan, Malaysia, Singapore, Thailand, UAE, and the UK.
For more information, visit www.moneygram.com.
About MoneyGram International
MoneyGram International, a leading money transfer company, enables
consumers who are not fully served by traditional financial institutions
to meet their financial needs. MoneyGram offers money transfer services
worldwide through a global network of 327,000 agent locations --
including retailers, international post offices and financial
institutions -- in nearly 200 countries and territories. MoneyGram also
offers bill payment services in the United States and Canada. MoneyGram
is listed on the NASDAQ Stock Exchange under the ticker symbol MGI. To
learn more about money transfer or bill payment at an agent location or
online, please visit moneygram.com
or connect with us on Facebook.
Michael Gutierrez, +1-214-303-9923
Source: MoneyGram International
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