UK-based Xpress Money Transferring services and Myanmar Citizens Bank have signed Memorandum of Understanding about possible joint venture, according to statement from the Myanmar Citizens Bank.
Myanmar Citizens Bank is formerly owned by Ministry of Commerce and now it was transformed into a private bank.
Xpress Money, a world leading money transferring company, is making services in 150 countries.
Myanmar Citizens Bank has also signed MoU with Thailand based 2C2P Payment Company to make money services in addition to Xpress Money.
The bank has also planned to cooperate with US based MoneyGram International Ltd. and International Money Express from Malaysia for money transferring business. Myanmar has 19 private banks and 4 state owned banks. Among them, 11 private banks and 3 state owned banks have been allowed to make foreign banking. Although Myanmar has not allowed opening branches of foreign owned banks, 28 of those banks have already opened liasion offices in Myanmar.