What Truemoney Myanmar does

TrueMoney Myanmar Company Limited is a privately held Mobile Financial Services (MFS) operator established in Yangon in November 2014, operating as a subsidiary of Ascend Money under Thailand's CP Group, with Ant Financial (Alibaba Group) as a strategic technology partner and Myanma Apex Bank (MAB) as banking partner and trust account custodian. The company runs an agent-based distribution model of more than 40,000 branded shops spanning 330+ townships across Myanmar, supplemented by partner bank branches (MAB, KBZ, GTB, MCB, MTB), digital wallet integrations (AYA Pay, KBZPay), and supermarket cash-out counters (CITY XChange at City Mart and Ocean).

Its core product set comprises domestic remittance (fees from 300 MMK), international remittance from Thailand and Malaysia (Thailand corridor at zero fee), over-the-counter bill payment for utilities, telecom, insurance, travel and entertainment billers (AEON, CP, 123 Payment, Rent2Own, Oway, Ananda, CANAL+, AMI Life, Flymya, HEY Play), B2B enterprise payment solutions (cash management, payroll disbursement, biller integration for 500+ corporate clients), door-to-door cash service in 100+ townships, a Social Seller (SOCO) social-commerce payment layer spanning 300+ townships, the TrueMoney Rewards loyalty app, an Agent Loan Program (1,000,000–10,000,000 MMK tickets via SMG Finance, Mo Mo Finance and MAB Bank), and the agent-facing TrueMoney Agent App.

Revenue is generated through per-transaction fees on domestic remittances, commissions on bill payments and international remittances, and transaction-based B2B enterprise contracts; consumer cash withdrawal at agents is fee-free as a customer acquisition lever. Distribution is multi-channel — physical agents, partner banks, digital wallets, supermarket counters, door-to-door field teams, and a dedicated B2B enterprise sales unit — and is supported by social-media marketing (Facebook, TikTok, YouTube, Viber, Instagram), a referral/loyalty loop through TrueMoney Rewards, and CSR campaigns (agent health insurance via Myanma Insurance, joint earthquake-relief donations through UNDP and Myanmar Red Cross Society). As of December 2024, leadership comprises cluster CEO Mrs. Khuon Frandara (Dara) and Myanmar Country Managing Director Mr. Tun Tun Linn.

Name

Truemoney Myanmar

Legal name

TrueMoney Myanmar Company Limited

Website

https://truemoney.com.mm

Company type

Private

Founded year

2014

Operating status

Operating

Short description

TrueMoney Myanmar Company Limited, a subsidiary of Ascend Money (CP Group) with Ant Financial as partner, operates Myanmar's largest agent-based mobile financial services network — 40,000+ agents across 330+ townships — delivering domestic and international remittance, bill payment, B2B cash management, and door-to-door services to unbanked citizens, migrants, and 500+ enterprise clients.

Ownership category

akta.pro rank

Product category

Mobile Financial Services

akta.pro primary industry

Consumer Remittances (P2P) (FSAMAIAA)

akta.pro secondary industry

Consumer P2P International Remittances (FSAGAKAA)

Keywords

• Mobile financial services
• Domestic remittance services
• International money transfer
• Bill payment services
• Agent banking network

Headquarters

HQ city

Yangon

HQ country

Myanmar (Burma)

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Domestic Remittance Fees: Transaction fees charged on domestic money transfers within Myanmar. Fees start from 300 MMK per transaction. This is a per-transaction fee model collected at agent shops.
2. International Remittance Fees: Fees on cross-border transfers from Malaysia to Myanmar (Thailand-Myanmar corridor is zero fee as promotional/strategic). Recipients can cash out at agent shops or partner bank branches.
3. Bill Payment Services: Commission earned from processing bill payments for AEON, CP, 123 Payment, Rent2Own, Oway, Ananda, CANAL+, telecom top-ups, and other services at agent locations.
4. B2B Enterprise Payment Solutions: Revenue from providing cash management, payroll disbursement, and bill payment services to 500+ enterprise corporate clients including banks, FMCG companies, and microfinance institutions.
5. Agent Network Commissions: Commission payments to agents for each transaction processed. Agents earn commission on remittances, bill payments, and other services. Commission structure is defined by TrueMoney's schedule of fees and commissions.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels9 records

Core offering

TrueMoney Myanmar operates a mobile-first financial services platform anchored by a network of over 40,000 agents across 330+ townships, providing domestic remittance, cross-border remittance (Thailand/Malaysia to Myanmar), bill payment, phone top-up, and door-to-door cash delivery services to unbanked and underbanked consumers, plus B2B cash management and payroll disbursement for enterprise clients.

Product overview

TrueMoney Myanmar is a mobile financial services platform operated under Ascend Money (a CP Group company with Ant Financial as partner) and Myanmar's Mobile Financial Services regulatory framework. The platform operates a network of over 23,000–40,000 agents across more than 300 townships, offering a portfolio of interconnected services: Domestic Remittance and International Remittance serve as the core peer-to-peer and cross-border transfer products; Bill Payment provides over-the-counter bill settlement for utilities, insurance, and retail services; the TrueMoney Rewards Application delivers a loyalty layer where customers earn points on every transaction and redeem them for airtime, data, and vouchers; the Agent App and Agent Loan Program support and grow the distributor/agent network; Door-to-Door Remittance adds a home-service channel for customers unable to visit agent locations; B2B Cash Management Solutions serve enterprise clients with payroll, cash handling, and payment infrastructure; and Social Seller (SOCO) extends the platform to social commerce sellers.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 40,000+ agent locations across 330+ townships covering every region of Myanmar
• +5 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature5 records

Partnerships

17 partnerships are on record, tiered core, secondary and minor.

• Myanma Apex Bank (MAB)coreChannel Partner/ Reseller/ Distributor · 1 November 2014MAB is the primary banking partner and 'Checker' for TrueMoney agent verification and registration. MAB maintains the Trust Account for TrueMoney's system reconciliation. Agents are required to deposit cash received with MAB as prescribed by TrueMoney. MAB bank branches also serve as international remittance cash-out points.
• KBZ Bank / KBZPaycoreChannel Partner/ Reseller/ DistributorKBZ Bank and KBZPay serve as international remittance cash-out partners, allowing recipients to receive Thailand-to-Myanmar transfers directly to their KBZ Bank accounts or KBZPay digital wallets with zero service fees and instant crediting.
• AYA PaycoreChannel Partner/ Reseller/ DistributorAYA Pay digital wallet enables international remittance receipt from Thailand. Transfers are credited as e-money in the AYA Pay app with zero service fees. 24/7 customer support available at +95 1 4 705 777.
• MAB BankcoreChannel Partner/ Reseller/ DistributorMAB Bank branches nationwide serve as international remittance cash-out points for Thailand-to-Myanmar transfers. Recipients can visit any MAB Bank branch, provide phone number and secret code, and withdraw with no service fees.
• GTB BanksecondaryChannel Partner/ Reseller/ DistributorGTB Bank branches nationwide serve as international remittance cash-out points for Thailand-to-Myanmar transfers.
• MCB BanksecondaryChannel Partner/ Reseller/ DistributorMCB Bank branches nationwide serve as international remittance cash-out points for Thailand-to-Myanmar transfers.
• CITY XChange (City Mart, Ocean, Marketplace)secondaryChannel Partner/ Reseller/ DistributorSupermarket-based international remittance cash-out counters at City Mart, Ocean, and Marketplace by City Mart locations across Myanmar for receiving Thailand-to-Myanmar transfers.
• Ascend MoneycoreOthersAscend Money is the regional financial technology company under CP Group that operates the TrueMoney brand across Southeast Asia. TrueMoney Myanmar is a subsidiary of Ascend Money.
• TrueMoney ThailandcoreStrategic or Co-development PartnerTrueMoney Thailand is the origin entity of the TrueMoney brand (founded 2003 in Bangkok). Thailand-Myanmar corridor for international remittance enables workers in Thailand to send money home to Myanmar with zero transfer fees.
• Myanma InsurancesecondaryStrategic or Co-development PartnerMyanma Insurance provided 3.2 billion MMK health insurance coverage to TrueMoney agents and territory distributors under TrueMoney Care initiative, covering COVID-19, illness, accidents (up to 60 days hospitalization), and death benefits.
• Shwe Min Gan Finance (SMG Finance)secondaryChannel Partner/ Reseller/ DistributorSMG Finance is a loan program partner for TrueMoney agents, providing access to working capital loans for agent business development. Agents can apply for loans through the TrueMoney platform.
• Mo Mo FinancesecondaryChannel Partner/ Reseller/ DistributorMo Mo Finance is a loan program partner for TrueMoney agents, providing access to working capital loans for agent business development alongside SMG Finance and MAB Bank.
• UNDP MyanmarminorStrategic or Co-development PartnerRecipient of 1 million THB earthquake relief donation from TrueMoney Thailand, Cambodia, and Myanmar joint initiative for Myanmar earthquake disaster recovery and relief efforts.
• Myanmar Red Cross Society (MRCS)minorStrategic or Co-development PartnerRecipient of 1 million THB earthquake relief donation from TrueMoney joint initiative. MRCS helps distribute aid to earthquake-affected communities in Myanmar.
• We Love Yangon Charity OrganizationminorStrategic or Co-development PartnerCollaborated with We Love Yangon to donate food and essential supplies to families affected by COVID-19 in Yangon and Bago regions during June 2020.
• Ma Naw Kyar Phyu (Mandalay Charity Group)minorStrategic or Co-development PartnerCollaborated with Mandalay-based Ma Naw Kyar Phyu charity group to donate food and essential supplies to families affected by COVID-19 in Mandalay region during June 2020.
• TrueMoney CambodiaminorStrategic or Co-development PartnerTrueMoney Cambodia co-participated in the 1 million THB joint earthquake relief donation initiative alongside Thailand and Myanmar entities.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• OK$ (Mytel Money): OK$ / Mytel Money is the telco-led mobile wallet from Mytel (Viettel-backed) offering money transfer, bill payment and merchant payment across Myanmar on a competing agent and digital distribution model, directly addressing the same unbanked Myanmar consumer segments as TrueMoney.
• Wave Money: Wave Money is the largest direct competitor in Myanmar's Mobile Financial Services market, operating an agent-based model for domestic remittance, international remittance, bill payment, and cash-in/cash-out — the same product set as TrueMoney Myanmar, against the same unbanked population and the same banking partner universe.
• KBZPay: KBZPay is KBZ Bank's consumer mobile wallet and direct competitor in Myanmar domestic P2P, bill payment, and inbound remittance cash-out — overlap with TrueMoney Myanmar is so deep that the two are simultaneously cash-out partners and rivals fighting for primary-wallet status among unbanked consumers.
• TrueMoney Thailand: TrueMoney Thailand is the founding TrueMoney entity and TrueMoney Myanmar's sister subsidiary within Ascend Money; the two are operationally intertwined (the Thailand-Myanmar zero-fee remittance corridor is operated between them), share the same brand and technology partner (Ant Financial), and represent the same agent-led digital financial services model.
• MPT Money: MPT Money is the Myanma Post and Telecommunications-led mobile wallet offering domestic remittance, bill payment, and cash-in/cash-out via an agent network — directly comparable to TrueMoney Myanmar in target customer, geographic footprint, and core product set.
• CB Pay (Co-operative Bank): CB Pay is the digital wallet from Myanmar's Co-operative Bank, one of the licensed MFS operators in Myanmar offering money transfer and bill payment to consumers, overlapping directly with TrueMoney's core products.
• AYA Pay: AYA Pay is AYA Bank's mobile wallet competing head-on with TrueMoney Myanmar across P2P transfers, bill payment, and remittance cash-out — and, like KBZPay, it is simultaneously named as a named cash-out partner for international remittance into Myanmar.

Broad incumbents

• OVO: OVO is one of Indonesia's leading consumer mobile wallets offering P2P, bill payment, and merchant payments, structurally comparable to TrueMoney Myanmar's wallet+agent model across Southeast Asia's largest unbanked-addressable population.
• DANA: DANA is an Indonesia-wide consumer mobile wallet with broad P2P, bill payment, and merchant services, competing in the same fintech/remittance category as TrueMoney Myanmar across Southeast Asia though without a dedicated cross-border agent-led international remittance focus.
• GCash: GCash is the dominant Filipino consumer mobile wallet and super-app offering P2P, bill payment, savings, and credit — comparable to TrueMoney Myanmar in customer-acquisition playbook and product breadth, but at substantially larger scale and as a broader incumbent rather than a Myanmar-specific specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@truemoneymyanmar
• Facebookfacebook.com/truemoneymyanmar
• Instagraminstagram.com/truemoneymyanmar
• TikTokbit.ly/truemoneymyanmarofficialtiktok
• LinkedInlinkedin.com/company/truemoney-myanmar

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Truemoney Myanmar