Sing Post

Sing Post: has become the world's first postal service provider to offer bank bilateral remittance services with Myanmar. Through its partnership with four commercial banks in Myanmar - Asia Green Development Bank (AGD Bank), Cooperative Bank (CB Bank), Kanbawza Bank (KBZ Bank) and Tun Foundation Bank (TFB), SingPost will offer fund transfers from Singapore to Myanmar via its Cashome remittance service available at all its post offices. The Myanmar community in Singapore is estimated to be around 150k to 200k strong. Apart from remitting money to their beneficiaries, Myanmar senders can remit salaries back home for savings purpose to earn an interest rate of 8% pa, compounded quarterly, offered by the banks in Myanmar. The money is remitted in Myanmar kyats, with the exchange rate determined at the point of remittance transaction. SingPost believes Myanmar provides new growth opportunities for the group. SingPost also provides remittance corridors to India, Indonesia and the Philippines.