Everex, a financial technology firm in Singapore, has collaborated with Shwe Urban & Rural Development Bank in Myanmar to introduce cross-border blockchain remittances.
These services will be available in the Thailand/Myanmar corridor.
The alliance will allow Myanmar migrant workers in Thailand to instantly and securely transfer money to their home country via Everex’s digital remittance platform.
The blockchain remittances are expected to cost less than standard remittance approaches.
Shwe Bank executive vice-chairman U Thein Zaw said: “Myanmar people working in Thailand are foreign currency earners of our country, and their hard-earned money is at risk when they send it home via informal channels.
“Shwe Bank and Everex have partnered to offer faster, less expensive and, most importantly, safer money transfers using Everex’s digital remittance platform.”
Everex remittance platform leverages blockchain technology to avoid high remittance fees, decrease the time taken for money transfer to less than a minute and offer a clear audit trail of the transaction.
It is expected that the technology will improve financial inclusion of unbanked population in Myanmar.
Everex founder and CEO Alexi Lane said: “Our agreement with Shwe Bank will create an important strategic partnership in the money-transfer industry, strengthening both companies’ exposure within the Association of Southeast Asian Nations (ASEAN) market.”
The partners are currently working on the operations of the new remittance platform in the Thailand/Myanmar corridor, with plans to soon expand the service to additional Asian countries.