The Central Bank of Myanmar (CBM) has granted two more remittance licenses to Myanmar-registered companies (City Express Myanmar and Money King) to handle overseas money transfers.
The licenses had been issued to Top Shine Money Changer & Gold Trading, OK Money, Wakhema Money Changer, Ok Zune and 2C2P. The CBM plans to issue more licenses to those that meet the requirements.
To qualify for the remittance license, applicants must be a registered company and open a deposit account with a minimum of K100 million, officially earned and taxed, at a bank which has a license for foreign currency management.
“We have received more applications and will issue the licenses accordingly. This is for official remittance businesses and to enable people working overseas to officially transfer money back home,” said U Soe Min, Vice Governor of the CBM. However, the service is only for individuals living and working abroad.
Currently, the majority of Myanmar workers overseas transfer money home via illegal Hundis. Now, they will be able to officially remit funds into Myanmar via the licensed banks and money changers, which is safer and cheaper. Money remittance will also be faster and with more licenses, people will be able to transfer money into Myanmar from overseas more efficiently.