Money-transfer pacts with foreign companies
UK-based Xpress Money Transferring services and Myanmar Citizens Bank signed a memorandum of understanding (MOU) last month, said a statement from the bank.
Myanmar Citizens Bank was owned by the Commerce Ministry and now has been transformed into a private bank.
Xpress Money, a world leading money-transferring company, operates in 150 countries.
Myanmar Citizens Bank has also signed an MOU with Thailand-based 2C2P Payment Co to provide money services. The bank also plans to cooperate with US-based MoneyGram International and International Money Express from Malaysia in the money-transferring business.
Myanmar has 19 private and four state-owned banks. Among them, 11 private banks and three state banks have been allowed to do foreign banking. Although Myanmar has not allowed foreign-owned banks to open branches in the country, 28 of those banks have already opened representative offices in Myanmar.
