Yangon, Myanmar, 7 October 2020 – KBZ Bank, Myanmar’s largest private bank, and Tranglo, one of Asia’s leading cross-border payment hubs, have formed a remittance partnership to facilitate inbound foreign money transfers directly into the accounts of KBZ Bank customers. Approved by the Central Bank of Myanmar, this service allows Myanmar workers in countries such as Malaysia, Singapore and South Korea to send money to their families in a faster, more secure, and more convenient way.
According to Myanmar’s Immigration and Local and Overseas Labour Affairs Committee (Amyotha Hluttaw), there were four million Myanmar workers in foreign countries either officially or unofficially before the COVID-19 period1, while the International Labour Organization estimates 10 percent of Myanmar’s labour force is working abroad2. Meanwhile, the World Bank estimates USD 3.035 billion was remitted by migrant workers in 2019, or approximately 4.6 percent of Myanmar’s GDP, which does not include the millions that are informally remitted through brokers or hand-carried back home to family members3.
Migrant workers who transfer their earnings from abroad to loved ones in Myanmar typically use over-the-counter services which are time consuming for them and the beneficiaries. With the new service offered by Tranglo, the beneficiary will receive money remittance in real-time directly into their KBZ Bank Current, Saving Deposit or Call Deposit account. This means the beneficiary can immediately view and access the funds through their iBanking or mBanking account, and have the choice to withdraw the funds at a KBZ Bank ATM or cash out to their KBZPay mobile wallet instead of having to visit a bank branch. Unlike some money remittance services, the beneficiary will not need to pay any transaction fees to receive the funds transfer directly into their KBZ Bank account.
Said Mr. Stoney Hsia, Head of Wholesale Banking, KBZ Bank, “Through this significant partnership with Tranglo, we are addressing the needs of Myanmar migrant workers living abroad to send money home quickly and conveniently. This gives them peace of mind as their loved ones have immediate access to their funds. Instead of using traditional or informal means of remitting money, we encourage migrant workers to take up this reliable method of transferring money directly into the beneficiary’s KBZ Bank account. This also presents time and cost savings for the beneficiary who does not need to travel to a bank branch or wait in line.”
Persons who wish to remit money to Myanmar through Tranglo can visit one of their counters or the branches of their partners such as GPL and MaxMoney in Malaysia, SlidesSG in Singapore or GME in South Korea. The maximum amount for each remittance transaction to Myanmar is the Myanmar Kyats (MMK) equivalent of USD 5,000. The beneficiary’s name and KBZ Bank account number is needed to perform the transfer.
Tranglo CEO Jacky Lee said, “One of our priorities in times of uncertainty is ensuring the safety of workers and their families back at home. With our technology and KBZ Bank’s presence in the country, long queues at the bank are a thing of the past. Our API will allow beneficiaries to receive money in their KBZ Bank accounts directly, quickly and securely.”
With the expansion of its services to Myanmar as an authorised Money Transfer Operator (MTO), Tranglo further extends its global network that includes countries such as China, Indonesia and Singapore. Tranglo utilises leading technology that makes cross-border transactions faster, cheaper and more secure.
To find out more about the money remittance service offered by Tranglo and KBZ Bank, please contact KBZ Bank Customer Service at this hotline +959951018555 or email [email protected].
1The Myanmar Times, 14 January 2020, Myanmar migrant workers in 2019 exceed 300,000
2International Labour Organisation, 1 September 2020, TRIANGLE in ASEAN – Myanmar
3International Labour Organisation, 1 September 2020, TRIANGLE in ASEAN – Myanmar