Closure of all private banks hinders financial services for locals in Kanpauk Town

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Yebyu, 13 October

All of the private banking firms in Yebyu Township, Tanintharyi Region, have closed, making it difficult for residents to deposit and transfer money and do business, locals told Than Lwin Times.

There were Cooperative Bank and Global Treasure Bank in Kanpauk area, and the former closed down after the military coup, and the latter stopped operating on October 7.

Locals say the Global Treasure Bank has closed due to security concerns, but Than Lwin Times is still seeking confirmation from bank officials.

According to one local, the shutdown of private banking operations resulted in several issues with depositing and transferring money, as well as economic, health, and social activities.

People can transfer money through financial services such as Kpay, WavePay, and CBPay, but these services limit the amount of money transferred.

Those who want to transfer large amounts of money go to Kalain Aung , but they are worried about robbers on the way.

According to the local residents, the residents of Kanpauk have to transfer and receive money through private banks for rubber, local produce, fishing businesses, and trade.

News – Than Lwin Times

Photo: CJ

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