Maybank inks pact with Myanmar partners

KUALA LUMPUR: Maybank has emerged the first local bank
to offer services for Myanmar workers in Malaysia to remit funds back home after signing a pact with four partners today.

President and Chief Executive Officer Datuk Seri Abdul Wahid Omar said this service could see some RM38 million in transfers this year and help fuel the growth target of 20 per cent in total remittance value from RM2 billion in 2011.

"The new service would see remittance transactions from Malaysia into Myanmar via an electronic platform through Maybank branches and forex booths to the respective banks in Myanmar," he said after the signing ceremony here.

Maybank's four partners in Myanmar are Asia Green Development Bank, Co-operative Bank, Ayeryarwady Bank and Kanbawza Bank.



"Maybank Money Express has grown significantly since our launch in 2010 and we now cover a total of 10 countries with this service including Indonesia, Vietnam, Pakistan, India, Nepal, the Philippines, Singapore, Brunei and the latest Myanmar," Abdul Wahid said.

He said Maybank was currently a leader in the foreign worker remittance segment with 32 per cent market share in this country. In 2010, foreign workers remitted a total of RM5.6 billion.

Meanwhile, Abdul Wahid said Maybank was among 16 foreign banks that had set up representative offices in Myanmar and was waiting for approval from the Myanmar authorities to open its branch there. - BERNAMA