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
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.