UK-based Xpress Money Transferring services and Myanmar Citizens Bank have signed Memorandum of Understanding about possible joint venture, according to statement from the Myanmar Citizens Bank.
Myanmar Citizens Bank is formerly owned by Ministry of Commerce and now it was transformed into a private bank.
Xpress Money, a world leading money transferring company, is making services in 150 countries.
Myanmar Citizens Bank has also signed
MoU with Thailand based 2C2P Payment Company to make money services in
addition to Xpress Money. The bank has also planned to cooperate with US
based MoneyGram International Ltd. and International Money Express from
Malaysia for money transferring business.
Myanmar has 19 private banks and 4 state
owned banks. Among them, 11 private banks and 3 state owned banks have
been allowed to make foreign banking. Although Myanmar has not allowed
opening branches of foreign owned banks, 28 of those banks have already
opened liaison offices in Myanmar.
source: Eleven Myanmar
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