Expanding its money transfer services in the relatively
untapped markets of Myanmar,
MoneyGram International Inc.
(
MGI
) announced its alliance with three banking giants −Asia Green
Development (AGD) Bank, Myanmar Citizens Bank (MCB) and Tun
Foundation Bank (TFB).
While TFB is a large bank operational for over two decades
now, MCB is a publicly-held bank. AGD Bank is also a wing of the
largest banking business in Myanmar. Therefore, the alliance with
these three banks will boost MoneyGram's money transfer services
in 10 of 14 states of Myanmar, also helping consumers remit funds
from over 80 countries across the globe.
Myanmar had observed over five decades of military rule.
However, the shift toward democracy has now prompted the need to
be a part of the globalization, in order to boost its economic
fundamentals. Hence, MoneyGram sees enough opportunity in this
untapped economy.
Moreover, since tourism is a significant revenue driver for
Myanmar, it lays incremental growth opportunities for the global
money transfer service provider in the future. The World Bank
data also validates MoneyGram's growth potential in Myanmar,
according to which there were over 510,000 global immigrants from
this country in 2010. Only countries like Thailand, Singapore,
Japan, Australia and the U.S. account for over 2 million Myanmar
immigrants.
However, MoneyGram is not the first to foray into this region.
In September last year, arch-rival
Western Union Co.
(
WU
) penetrated the Myanmar markets through an alliance with the
Myanmar Oriental Bank.
Nonetheless, there are valued business opportunities that lay
unlocked in Myanmar, which coupled with MoneyGram's strong
position in the global money transfer market should drive
growth.
We believe the penetration into Myanmar also validates
MoneyGram's strategic growth policy of exploring growth
opportunities and ensuring safe and user-friendly payment
solutions across the developing economies in the Asia-Pacific,
Middle East and African regions.
No comments:
Post a Comment