KUALA LUMPUR: Maybank is set to open its branch office in Myanmar as soon as foreign banks given approval, said the banking group’s president and CEO Datuk Seri Abdul Wahid Omar.
"As and when it opens up, we hope to be there," Wahid said on Tuesday. Presently, Maybank is among the 16 foreign banks which have a representative office there.
Wahid was speaking to reporters after Maybank signed agreement with four partners from Myanmar namely Asia Green Development Bank, Co-operative Bank Limited, Ayeryarwady Bank Limited and Kanbawza Bank Limited for remittance services.
The new service will benefit more than 140,000 Myanmar migrant workers with remittance transactions from Malaysia into Myanmar via an electronic platform through Maybank branches and forex booths, to the respective banks in Myanmar.
"We are anticipating that the new service to Myanmar will see some RM38 million in transfers this year, and help fuel the 20% growth in total remittance value that we are targeting for 2012.
"Equally important, it will bring us another step forward in strengthening our regional electronic remittance platform. Our goal is to eventually offer Money Express across our regional network, in line with our mission to humanise financial services across Asia," said Wahid, adding a total of RM2 billion remittance transaction was conducted through Maybank in 2011.
Foreign workers in Malaysia remitted a total of RM5.6 billion in 2010.
"As and when it opens up, we hope to be there," Wahid said on Tuesday. Presently, Maybank is among the 16 foreign banks which have a representative office there.
Wahid was speaking to reporters after Maybank signed agreement with four partners from Myanmar namely Asia Green Development Bank, Co-operative Bank Limited, Ayeryarwady Bank Limited and Kanbawza Bank Limited for remittance services.
The new service will benefit more than 140,000 Myanmar migrant workers with remittance transactions from Malaysia into Myanmar via an electronic platform through Maybank branches and forex booths, to the respective banks in Myanmar.
"We are anticipating that the new service to Myanmar will see some RM38 million in transfers this year, and help fuel the 20% growth in total remittance value that we are targeting for 2012.
"Equally important, it will bring us another step forward in strengthening our regional electronic remittance platform. Our goal is to eventually offer Money Express across our regional network, in line with our mission to humanise financial services across Asia," said Wahid, adding a total of RM2 billion remittance transaction was conducted through Maybank in 2011.
Foreign workers in Malaysia remitted a total of RM5.6 billion in 2010.
