Welcome!

News Feed Item

Western Union to Launch International Money Transfer Services in Myanmar

DUBAI, UAE, September 12, 2012 /PRNewswire/ --

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 Transfer[SM] 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 http://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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.