Xpress Money, the world’s most dependable money transfer brand announced its entry into Myanmar by partnering with two premier banks, Small and Medium Industrial Development Bank (SMIDB) and Myanmar Citizens Bank (MCB).
Xpress Money’s services will be available from close to 120 locations in Myanmar, consolidating the branch networks of SMIDB, MDB and its linked banks. The brand plans to expand its network to 150 additional locations by the end of 2013.
With over 3 million migrants from Myanmar working abroad, the country receives sizeable amounts of remittances every year. Xpress Money’s launch in Myanmar widens the base of its nascent remittance industry and will have a positive impact on its overall economic growth. Xpress Money will offer two of its most popular and convenient inbound remittance services; Cash to Cash & Cash to Account, in Myanmar.
Mr. Sudhesh Giriyan, Vice President and Business Head of Xpress Money, said: “We are very happy to be launching our services in Myanmar through our tie-up with esteemed financial institutions such as SMIDB and MCB. The customer will now have more options to choose from for money transfers. Myanmar is definitely an emerging remittance market and we see a lot of potential for growth here.”
Remitters can visit any of Xpress Money’s 170,000 agent locations across the globe and send money instantly to Myanmar. A unique 16-digit Xpress Personal Identification Number (XPIN) will be provided to the sender that has to be shared with the beneficiary. Using that XPIN, the beneficiary can walk into any of the MCB and SMIDB branches to collect the money. Once the amount is credited, the remitter receives a confirmation via SMS, thereby making the service simple, safe and dependable.