Another example of fintech making it feasible to target unique slices of consumers can be found in Myanmar, where TrueMoney Myanmar has introduced an e-payment solution targeting Burmese migrant workers. They mark the launch by waving the fees until Oct. 31.
The TrueMoney Transfer offers bill payment, mobile top-up and cash collection services.
In a release, TrueMoney cites United Nations data saying the two million Burmese citizens living in Thailand send a combined 2.8 billion kyat home every year. TrueMoney helps facilitate those actions by providing 250 Thai transfer spots and 681 more in Myanmar.
TrueMoney country director for Myanmar San Thaw Da Wun explained why a safe process is so important for Burmese working abroad.
“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 barriers 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.”
Riskier processes are also slower, taking as long as five days, TrueMoney said in a release, while countering that their process is near-instantaneous.
TrueMoney has offices in Yangon and Mandalay and 3,000 nationwide agents.