MoneyGram (NASDAQ:MGI) will work with Asia Green Development Bank, Myanmar Citizens Bank, and Tun Foundation Bank to bring its money transfer service to Myanmar, the company said today in a press release.
Grant Lines, MoneyGram's senior vice president of APAC South Asia and Middle East, said in a statement: "Our money transfer services will be offered in 10 of Myanmar's 14 states, giving consumers access to affordable remittances. It's an important step for MoneyGram as we increase our global footprint and make our services available to more customers worldwide."
The first available services will be for customers to receive money transfers to the three banks. The company said there are more than 500,000 Myanmar immigrants living around the world and that adding services in the country will allow MoneyGram "to provide services to previously underserved Myanmar customers."
MoneyGram's Myanmar customers will be able to receive money transfers from almost 80 countries around the world.