World's leading money-transfer company,
Western Union Co.
), has announced the introduction of its international
money-transfer service in Myanmar. The company will provide this
service through an alliance with 6 banks that operate in that
The 6 banks include, Co-operative Bank, First Private Bank,
Myanmar Apex Bank, Myanmar Livestock and Fisheries Development
Bank, Myanmar Oriental Bank and United Amara Bank. Apart from
these banks, Kanbawza Bank, the largest private bank in Myanmar
with over 90 locations nation-wide, has also entered into an
agreement with Western Union.
Western Union's initiative to foray into Myanmar, a South-East
Asian country, follows the withdrawal of investment and trade
bans in the country by the U.S., European Union and Australia.
The company believes that Myanmar holds attractive market
opportunities. It is estimated that more than 2 million residents
will be employed in foreign countries, which in turn will likely
generate demand for the expatriate Myanmarese to remit funds back
Western Union has collaborated with these 6 banks as these banks
have been operating for a long time and have successful
operations in the country. These banks have a combined network of
more than 150 locations and will provide an easy reach to a local
clientele. Western Union's money-transfer service will now enable
Myanmarese to send money back home securely and at a reasonable
The recent introduction of international money-transfer service
in Myanmar is a testimony that Western Union is aggressively
expanding internationally.. Rival
MoneyGram International Inc.
) is also expanding its international presence. Mention about any
such recent expansion.
Western Union currently retains a Zacks Rank #3 (Hold). We are
also maintaining our long-term Neutral recommendation on its
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WESTERN UNION (WU): Free Stock Analysis
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