First blockchain Thai-Myanmar money transfer service to launch
Representatives of Krungthai Bank, EVX Holdings and Shwe Rural and Urban Development Bank have signed a letter of intent to introduce the first cross-border blockchain powered money transfer services between Thailand and Myanmar, reports Jane Connolly.
Send automated cross-border transactions
More than three million Myanmar migrant workers live and work in Thailand and send money home to their families.
The new service – to be called Krungthai Bank and Shwe Bank Remittance powered by Everex – is designed to combat key two issues those workers currently face: high remittance costs and a lack of trust.
Customers will be able to use the secure Everex wallet on their smartphone to send automated cross-border transactions to the recipient’s front door, with greater speed and competitive exchange rates – thanks to Ethereum blockchain technology.
Everex is currently conducting focus groups and a pilot study with both banks and Myanmar communities in Thailand.
