MoneyGram expands into Myanmar

MoneyGram International Inc. is expanding its money transfer service to the Southeast Asia nation of Myanmar, where it will work with three banks.

The Dallas company said Wednesday its service will be provided through an alliance with Asia Green Development Bank, Myanmar Citizens Bank and Tun Foundation Bank. Money transfers will be offered in 10 of Myanmar's 14 states, and customers will be able to receive funds from nearly 80 countries.

Foreign businesses ranging from tobacco companies to Coca-Cola to Suzuki Motors have been pushing to enter Myanmar, now that most international sanctions against the country have been lifted or suspended. The impoverished nation emerged from a half-century of isolation and brutal military rule two years ago.

Despite the Southeast Asia nation's democratic reforms, the United States remains concerned about human rights abuses against ethnic minorities and the role of the army in the country also known as Burma.

MoneyGram shares climbed 15 cents to $20.77 in Wednesday afternoon trading, in line with broader indexes. The stock price has ranged from $11 to $24.88 over the past year.

http://www.information.myanmaronlinecentre.com/moneygram-expands-into-myanmar/