Western Union to Launch International Money Transfer Services in Myanmar
11 9월 2012 - 10:15PM
Business Wire
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.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
June 30, 2012, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of approximately
510,000 agent locations in 200 countries and territories. In 2011,
The Western Union Company completed 226 million
consumer-to-consumer transactions worldwide, moving $81 billion of
principal between consumers, and 425 million business payments. For
more information, visit www.westernunion.com.
About Myanmar Oriental
Bank
Over the past 19 years, the bank has grown as one of the leading
domestic banks in Myanmar – contributing its efficient and reliable
banking services to the promotion of financial intermediation in
the country.
With its banking network of 19 branches, the bank accepts
current, fixed and saving deposits, and extends commercial loans
and offers other facilities including remittance and trustee
services to its customers.
The bank takes pride to be among the selected few allowed to
engage in foreign banking where the bank is eager to facilitate
foreign banking services to its customers. It was also among the
first batch of six private banks to be permitted to open currency
exchange counters including in the commercial cities of Yangon,
Mandalay, Mawlamyaing and Monywa.
The bank has a subsidiary leasing company, the Oriental Leasing
Company Limited (OLCL), which extends financial assistance to its
customers in acquiring their household and other durable consumer
items. This is the first ever leasing company in Myanmar.
As a leading member bank in the Myanmar Payment Union, the bank
has introduced ATMs and debit card facility for the promotion of
electronic payment system in the country.
As of 31 Mar 12 (end of their financial year): Myanmar Oriental
Bank’s total income was about 11 bil Kyat ($12.6M) and net profit
was $2.7M. With registered capital of $5.75M, this represents 47%
ROE, and 2.26% ROA. Interest income from loans and investment
accounts for about 85% of its total income.
WU-F, WU-G
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