Thai Company True Money announced they have severed ties with Asia Green Development (AGD) bank owned by Tay Za’s son and will stop money transfer services with this bank.

True Money Myanmar officially announced that they had started working with Money Apex Bank (MAB) since 16 December 2022 instead of AGD, which is subject to economic sanctions by West and owned by the son of Myanmar crony Tay Za who allegedly has acted as an arms dealer and broker for the Myanmar military.

Thailand-based True Corporation started money transfer and banking services in Myanmar with AGD Bank in 2015.

True Money is the leading non-banking financial services company in Myanmar providing money transfer services.

True Corporation established True Money Company in 2003 in Thailand and True Money Myanmar in Myanmar in November 2014.

True Money is providing money transfer services in Thailand, Cambodia, Myanmar, Indonesia, Vietnam and the Philippines.

Similarly, American financial service company VISA International announced in February 2022 that they had ceased working with AGD Bank.

The EU imposed economic sanctions on the Htoo Company group on 22 February 2022 for providing arms dealer services to the Myanmar Military Council. The UK imposed economic sanctions on the Htoo Company group on 2 September 2021.

Moreover, the US, UK and Canada imposed economic sanctions on Tay Za and his two sons Pyae Phyo Tay Za and Htoo Htet Tay Za on 31 January 2022.