MICROCAPITAL BRIEF: City Express Markets, Money King Platform Receive Remittance Licenses from Central Bank of Myanmar

The Central Bank of Myanmar (CBM) recently granted licenses to City Express Myanmar and Money King that allow them to perform international money transfers. The service is intended only for people from Myanmar who work in other countries and wish to send money home. Those transferring funds for business purposes are meant to do so via banks. One of the goals of remittance licensing is to curtail transfers made through illegal means, such as hundis, a traditional form of long-distance money transfer that originated in India.

The other five companies that hold remittance licenses in Myanmar are OK Money, Ok Zune, Top Shine Money Changer & Gold Trading, Wahkema Money Changer, and 2C2P. In order to obtain such a license, registered companies must have a deposit account with a balance of at least MMK 100 million (USD 75,000) at a bank that is licensed to manage foreign currency.

City Express Myanmar is a chain of 24-hour convenience stores in Myanmar that was founded in 2010.

Founded in 2018, Money King is an online platform that allows customers to compare features of financial products such as personal loans, credit cards and car insurance from various providers.

By Eha Joshi, Research Associate

Sources and Additional Resources

Myanmar Times article
https://www.mmtimes.com/news/central-bank-myanmar-issues-remittance-licences-more-local-companies.html

City Express Myanmar homepage
https://www.cityexpress.com.mm

Money King homepage
https://www.moneyking.asia

CBM homepage
https://www.cbm.gov.mm

CBM list of remittance business licensees
https://www.cbm.gov.mm/content/6049

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