One of Myanmar’s main private banks, Kanbawza (KBZ) Bank, has launched a digital money remittance service in partnership with Kasikorn Bank of Thailand. This comes as a new regulation requires Myanmar migrant workers in Thailand to remit at least 25% of their income back home. The service combines KBZ’s popular Kpay digital wallet with Kasikorn’s KPlus to facilitate remittances. However, some workers and their families view the transaction rates as expensive, given that the exchange rates provided by the banks are lower than those in the private market. The launch of this service coincides with a growing shortage of US dollars in Myanmar.
Meta Data: {“keywords”:”Myanmar, private bank, digital remittance, migrant workers, Thailand”}
Source link