Tranglo, a Malaysian based cross border payment specialist, announced a brand-new partnership with Kanbawza Bank (KBZ Bank) of Myanmar as part of its expansion the country.
The collaboration is said to add Myanmar to Tranglo’s global network that includes countries like China, Indonesia and Singapore, to name a few.
According to a 2020 Myanmar Times report quoting U Kyaw Htwe, Chair of Myanmar’s Immigration and Local Overseas Labour Committee, there were 4 million Myanmar workers in foreign countries, either officially or unofficially. These workers represent a significant market in an increasingly competitive remittance industry.
Tranglo CEO Jacky Lee said,
“One of our priorities in times of uncertainty is ensuring the safety of workers and their families back at home. With our technology and KBZ Bank’s presence in the country, long queues at the bank are a thing of the past. Our API will allow beneficiaries to receive money in their KBZ Bank accounts directly, quickly and securely.”
With the KBZ Bank tie-up, Tranglo’s partners are poised to benefit from immediate access to the customer base of Myanmar’s privately-owned bank, which is said to have over 500 branches across the country.
Stoney Hsia, KBZ Bank Head of Wholesale Banking said,
“Through this significant partnership with Tranglo, we are addressing the needs of Myanmar migrant workers living abroad to send money home quickly and conveniently. Instead of using traditional or informal means of remitting money, we encourage migrant workers to take up this reliable method of transferring money directly into the beneficiary’s KBZ Bank account. This also presents time and cost savings for the beneficiary who does not need to travel to a bank branch or wait in line.”