The Western Union Company (NYSE: WU), a leader in global payment services, announced today that its services are now available in 13 of Myanmar's 14 states and divisions, with the addition of 100 branches at Kanbawza Bank (KBZ Bank).
(Photo: http://www.prnasia.com/sa/2013/04/05/20130405170425356767.html )
(Photo: http://www.prnasia.com/sa/2013/04/05/20130405170631509725.html )
Since the launch of Western Union(R) Money Transfer(SM) services at six bank Agents in January this year, consumers from 74 countries including Australia, Canada, Japan, Malaysia, Singapore, Thailand, UAE, US, UK and other European countries, have sent money into Myanmar through Western Union.
"We are delighted to be working with Myanmar's largest private bank KBZ Bank to expand Western Union's money-in-minute[1] services across the country, including the introduction of services in Kachin state. Consumers can now receive Western Union(R) money transfers in 13 of the country's 14 states and divisions -- another significant step towards bringing the world to every corner of Myanmar," Ly Nguyen, Regional Director, Indochina, Western Union, said.
U Nyo Myint, Managing Director, International Banking, KBZ Bank, said, "Many of our customers rely on their overseas family and friends' regular financial support. Being a leader in the retail banking with a large customer base in Myanmar, we are honored to collaborate with Western Union -- a strong brand with solid core values and superior customer service experience -- to provide an essential service which serves as a vital link between Myanmar citizens here and overseas"
With the addition of KBZ Bank, the Western Union Money Transfer service is now offered through a combined network of 250 bank branches across seven divisions and six states in Myanmar.
Western Union was the first global money transfer operator to offer international money transfer services in Myanmar after investment and trade sanctions were eased last year.
[1] Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory and foreign exchange issues, required receiver action(s), identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Additional Restrictions may apply. See Send form for details.
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 December 31 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 2012, The Western Union Company completed 231 million consumer-to-consumer transactions worldwide, moving $79 billion of principal between consumers, and 432 million business payments. For more information, visit www.westernunion.com .
About KBZ Bank
Kanbawza Bank (KBZ Bank) was established on 1st of July, 1994 in Taunggyi, Southern Shan State. Initially, the bank catered the local population in Taunggyi. In November 1999, our present management took over and reformed the organization into one of the biggest private commercial banks in Myanmar.
In November 2011, Central Bank of Myanmar granted Authorized Dealer License (ADL) to KBZ Bank as the first step to operate foreign banking business. KBZ Bank will sustain a continuous growth in financial industry accord with the development of Myanmar. As of March 2013, KBZ Bank has expanded up to 102 branches all over Myanmar, maintaining itself as a leading bank with the largest network of branches and the biggest customer base with one third of the market share. KBZ's International Banking Division (IBD) has been providing the services the customers can truly rely on such as trade, remittance and treasury by establishing correspondent relationships with regional banks. Moreover, from December 2012, the wide network of ATM machines operated by KBZ Bank have begun accepting VISA cards issued in foreign countries for cash withdrawal activities. KBZ will also commence services with other international cards in early 2013. KBZ has recently signed an agreement with Western Union, a worldwide leader in money transfers and payment services.