Singapore-based blockchain startup Everex has signed an agreement with Thailand-based Krungthai Bank and Myanmar’s SHWE Bank to jointly introduce a blockchain cross-border money transfer service between Thailand and Myanmar.
Everex is a financial technology company specializing in applying blockchain solutions to cross-border payments, trading and lending. Everex services create decentralized, global credit histories and scorings for individuals and SMEs. The company is based on a trusted economy principle, enabling payments and transfers of ownership of digital assets using ethereum smart contracts.
The new cross-border money transfer service, called “Krungthai Bank and Shwe Bank Remittance powered by Everex,” will allow customers to transfer money more conveniently anywhere, anytime and via smartphones. It will mainly target over three million Myanmar migrant workers that reside and work in Thailand, who are sending part of their income to their families in Myanmar every month and dealing with high remittance costs using informal channels.
Everex said that it is currently conducting focus-groups and is working on a pilot with both banks and Myanmar communities in Thailand to implement the cross-border money transfer service.
“I am pleased to work on cross-border remittances with Krungthai Bank and SHWE Bank for the Thailand-Myanmar corridor,” said Alexi Lane, CEO and founder of Everex. “It will enable Myanmar migrant workers to efficiently send their money home using the Everex digital remittance platform.”
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