The Western Union Company has inked an agreement with Myanmar Oriental Bank, pursuant to which the later will act as the agent to offer Western Union Money Transfer services in Myanmar, marking its debut in the country.
With the service offering in the country, Western Union is poised to expand agent presence and link its global network to Myanmar, while the same will offer Myanmar denizens a reliable and swift way to send and receive money from around the world.
Western Union has become the first money transferor to launch its services in Myanmar, as the country was facing investment and trade bans from the US, European Union and Australia.
According to an estimate, more than two million Myanmarese are to be employed in Thailand, Malaysia, Singapore, Bangladesh, Japan, Korea, the US, Europe and Australia, who will get the benefit from the new service.
Under the terms of the agreement, Myanmar Oriental Bank, which operates a network of 19 locations, including representation in main commercial cities of Yangon, Mandalay, Mawlamyaing and Monywa, will work with Western Union to activate its services in accordance with Myanmar Central Bank regulations.
Western Union, Asia Pacific managing director and senior vice president Drina said the firm is encouraged by the speed with which Myanmar Oriental Bank, the Myanmar Central Bank and others in Myanmar are facilitating economic change for their people.
"Our aim is to expand our network expeditiously and provide 100 percent coverage of countries popular with millions of Myanmarese abroad," Yue added.
The Western Union Company together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, offers payment services through an integrated network of almost 500,000 agent locations in 200 geographies and territories.
As of 31 March 2012 Myanmar Oriental Bank’s total income was about $12.6m and net profit was $2.7, with registered capital of $5.75m, which represents 47% ROE, and 2.26% ROA.