Photo by Glenn Carstens-Peters on Unsplash
One of Myanmar’s leading private banks has launched a digital money remittance service for Myanmar migrant workers in Thailand, coinciding with a new official requirement for them to remit at least 25% of their income back home.
The remittance service, by Kanbawza (KBZ) Bank, is being provided in partnership with Thailand’s Kasikorn Bank in the face of an intensifying dollar crunch in Myanmar. The two banks have combined their respective digital wallet services; KBZ’s Kpay and Kasikorn’s KPlus, to facilitate remittances from Thailand.
While many welcome the combining of the popular applications, Myanmar workers in Thailand and their family members back home see the transaction rates as too expensive, considering that foreign currency exchange rates at the banks provide are much lower than those in the private market.
“It will…
