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Business trends

Myanmar's digital money transfers set to triple in 2019

Top operator Wave Money expects to move $4bn in cash as traditional remittances disappear

Wave Money has a nationwide network of 45,000 agents, far outnumbering bank branches and ATMs in Myanmar. (Photo by Yuichi Nitta)

YANGON -- Digital money transfer services in Myanmar by mobile phone operators and banks have all but replaced traditional remittances in only a few years.

CEO Brad Jones of Digital Money Myanmar -- operator of the country's leading remittance provider Wave Money -- says transactions via the service exceeded 2 trillion kyat ($1.3 billion) for the first time in 2018, adding that it will be "probably around $4 billion to $5 billion" by the end of 2019.

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