TrueMoney Myanmar Introduces TrueMoney Transfer E-payment Solutionby Fintechnews Singapore November 8, 2016
TrueMoney Myanmar aims to be a leading financial service provider, offering bill payment, mobile topup, remittance, and cash collection services. With two offices, one in Yangon and one in Mandalay and a network of 3,000 agents nationwide, TrueMoney Myanmar is working continuously to expand its services and agent network to fulfill its mission of enabling everyone access to innovative financial services, leading to better lives because we believe that financial access should be a basic right for everyone.
TrueMoney is also launching TrueMoney Transfer, the company’s first international money transfer solution. Fast, easy, safe, and affordable, TrueMoney Transfer enables real-time fund transfers from Thailand to Myanmar, allowing Burmese migrant workers to significantly reduce the expense and risks associated with sending money to family back home.
Fast with real-time fund transfers, easy with 250 transfer spots in Thailand by end-2016 and 681 transfer spots in Myanmar, safe with a passcode to receive the money that only the sender knows, and affordable with transaction fees starting at 50 Baht. To celebrate the launch of the TrueMoney Transfer service, TrueMoney is waiving the transfer fees for all transactions until October 31, 2016. Transfer fees usually start at only 1,818 MMK per transaction.
Migration within and across Myanmar’s long borderline has been long-standing. In an aim of improving relatives’ standard of living, many Burmese have chosen to cross borders in search of decent work and income. To date, according to the United Nations (UN), Thailand is home of almost 2 million hard working Burmese sending 2,8 billion Kyat back home annually, namely 1 million Kyat per person per year.
“Transferring money to loved ones has undoubtedly become a crucial need for Burmese migrants and their families. 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. We have developed TrueMoney Transfer to give a faster, safer, more secured and affordable alternative to the commonly used informal channels”, said Ms. San Thaw Da Wun, Country Director of TrueMoney Myanmar.
Indeed, sending money from Thailand to Myanmar can be very expensive and uncertain. Because no other options are available to date, Myanmar migrant workers are placing their trust and savings within informal networks, which are complicated, time-consuming – it can take up to 4/5 days to send funds –, and unsafe – there is no guarantee that the intended receiver will ever receive the money.
Mr. Lawt Aung, Senior Product Executive of TrueMoney said, “TrueMoney Transfer will deeply change the lives of millions of hard-working people who do not have access to proper banking services. The network we have built throughout Myanmar is the stronger existing. Our 681 TrueMoney Transfer spots in Myanmar cover 91 percent 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.
The solution will enable money transfer from Thailand to Myanmar only. By end of 2016, the 250 transfer spots in Thailand will be concentrated in areas with a large population of Myanmar migrant workers such as Bangkok, Samut Sakhon, Samut Prakarn, Tak, Ranong, Kanchanaburi, and Phuket.”
Ms. San Thaw Da Wun added, “It has never been that simple to transfer money internationally”.
Users can simply register a user account at one of TrueMoney’s official agent shops in Thailand, show their ID, and instantly transfer funds to Myanmar. After informing the agent of the receiver’s name and mobile number and the amount to be transferred, the sender will be told the exact amount the receiver will receive. The sender will also receive an 8-digit code via SMS. The receiver can immediately use the given code, in addition to their identification and mobile phone number, to receive cash at any of the TrueMoney Transfer spots in Myanmar.
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.