7 Banks signed; 250 Myanmar Agent locations will be connected to Western Union's global network of over 500,000 Agent locations(1)
YANGON, Myanmar, Jan. 15, 2013 /PRNewswire/ -- Western Union (NYSE: WU), a leader in global payment services, today launched Western Union® Money Transfer(SM) Services at six banks in Myanmar, for the first time allowing Burmese and residents to receive international money remittances from more than 200 countries and territories in minutes(2).
In addition to the six banks, Kanbawza Bank, the largest private bank in Myanmar with over 90 locations nation-wide has signed with Western Union.
A combined network of more than 150 locations representing Co-operative Bank, First Private Bank, Myanma Apex Bank, Myanmar Livestock and Fisheries Development Bank, Myanmar Oriental Bank and United Amara Bank are now connected to Western Union's global network of over 500,000 Agent locations(1).
Kanbawza's agreement will further expand Western Union® Agent Network to nearly 250 locations in the coming month. Western Union is the first global money transfer operator to sign seven banks after sanctions were eased last year.
"We welcome our first six Bank Agents into the Western Union family. Together, we are delighted to move money into Myanmar allowing its people to access remittances with speed, reliability and convenience," said Drina Yue, Managing Director and Senior Vice President, Western Union, Asia Pacific.
"In connecting Myanmar with great swiftness, we have furthered our company vision of serving the under-served. For this, we thank the Myanmar government, regulators and our Bank Agents for showing great foresight in facilitating rapid service activation much needed by mostly Myanmar's citizens living and working across the globe," she said.
"International money transfer is an essential service for Burmese overseas and their families; it is a vital link to send money for regular financial support, education, medical, gifting on special occasions and other purposes," she said.
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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 September 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.
