The Western Union Company will offer international money remittance services in Burma in collaboration with Myanmar Oriental Bank (MOB) to facilitate overseas transfers of money back to Burma, according to a company press release.
The remittance service will be provided by the US- based company through a joint agreement with MOB starting at the end of the month.
The deal covers only incoming remittance. Outbound transfers will follow later.
MOB has 19 branches, mainly in Rangoon and Mandalay, and it is preparing to open two new branches in Naypyitaw and Myan Aung.
Burmese workers abroad have traditionally relied on the Hundi network, an informal international remittance network to transfer money back to their families at home.
An estimated 2 million Burmese citizens work abroad mainly in Singapore, Malaysia, South Korea, Libya, Thailand, Cambodia, Japan, Switzerland, Brunei, the United Arab Emirates, the United States, France, Germany, Qatar and Kuwait.