Myanmar_ ascend-backed truemoney launches money transfer from thailand – dealstreetasia how to make some money fast online
TrueMoney, the Thailand- based online payment company, which is aa subsidiary of the Ascend Group said it had launched its inbound money transfer service – TrueMoney Myanmar on October 13 with a network of 3000 agents nationwide.
The service allows real-time fund transfer from Thailand to Myanmar, and is targeted at Burmese migrant workers in Thailand, helping them to reduce the expense and risk associated with sending money to family back home, the company said.
TrueMoney is waiving off its transfer fees until October 31 2016, after which, the transaction fees will start at 50 baht for a transfer of between 100 to 5000 baht.
Ascend Money is an e-payment service that helps with transactional needs through their offices in Thailand, Vietnam, Cambodia, Myanmar, Indonesia and in the Philippines. According
to the company, Thailand has about two million Myanmar citizens who send approximately about K 1 million per person back home annually.
“Transferring money to loved ones has undoubtedly become a crucial need for Burmese migrants and their families. Make a lot of money online free However, a large number of Myanmar workers remain unbanked, due to a variety of reasons such as, but not limited to legal status, language barrier, and access to banking services. How to make fast easy money online free We have developed TrueMoney Transfer to give a faster, safer, more secured and affordable alternative to the commonly used informal channels”, said San Thaw Da Wun, country director of TrueMoney Myanmar.
“Our 681 TrueMoney Transfer spots in Myanmar cover 91 per cent of migrant workers’ hometowns such as Mon, Tarintharyi, Kayin, Shan, Yangon, and Bago, bringing services for money transfer in rural areas where banks don’t even have a representation,” said Lawt Aung, senior product executive of TrueMoney.
The 250 transfer spots in Thailand, which it plans to have by end of 2016, will allow money transfers to be made from areas such as Bangkok, Samut Sakhon, Samut Prakarn, Tak, Ranong, Kanchanaburi and Phuket, and these places have a large population of Myanmar migrant workers.
“TrueMoney has developed this new innovation to offer a cross-border remittance service that is fast, easy, safe, and affordable to upgrade the standard of living of everyone,” its statement added.
In March this year, Myanmar had approved the mobile financial service rules, and this has led to several firms trying to provide money transfer services, mainly within the country.
AIM listed MySQUAR has partnered with MyPAY, to work on e-payments and peer-to-peer remittances, and it will also be looking at overseas remittance in the near future.
Wave Money, in partnership between Telenor and Yoma Bank plans to launch mobile financial service in the country, and in the future, the company is looking to provide money transfer services from abroad.
There are also several e-commerce and mobile financial service works in Myanmar, planning to expand the scope of their services. Make money online fast and free paypal Payment platforms like MyanPay Co Ltd have connected with banks, Myanmar Payment Union card (MPU) and e-commerce websites to make online payments, and for other facilities such as money transfers.
The First Private Bank and Frontier Technology Partners are working together on myKyat, to make payments using their app. How to earn money online with google Another brand – OK Dollar – a mobile payment system’s Internet Wallet Limited is planning to making payments including that for circular train tickets, buses, without having the need to pay a fees.
Shwe Bank is planning to partner with Myanma Post and Telecommunications (MPT) to provide money transfer service using mobile phones. How to make real money taking online surveys Also, 1-Stop, a partnership between Singapore-based payment service 2C2P and Myanma Awba, a local agri-based product supplier, is launching an over-the-counter cash acceptance service in Myanmar.