MoneyGram International Inc. is expanding its money transfer
service to the Southeast Asia nation of Myanmar, where it will work
with three banks.
The Dallas company said Wednesday its service
will be provided through an alliance with Asia Green Development Bank,
Myanmar Citizens Bank and Tun Foundation Bank. Money transfers will be
offered in 10 of Myanmar's 14 states, and customers will be able to
receive funds from nearly 80 countries.
Foreign businesses ranging
from tobacco companies to Coca-Cola to Suzuki Motors have been pushing
to enter Myanmar, now that most international sanctions against the
country have been lifted or suspended. The impoverished nation emerged
from a half-century of isolation and brutal military rule two years ago.
Despite the Southeast Asia nation's democratic reforms, the United
States remains concerned about human rights abuses against ethnic
minorities and the role of the army in the country also known as Burma.
MoneyGram
shares climbed 15 cents to $20.77 in Wednesday afternoon trading, in
line with broader indexes. The stock price has ranged from $11 to $24.88
over the past year.
source: Businessweek
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