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Cryptocurrencies

Krungthai Bank, Shwe Bank and Everex to launch Thai-Myanmar remittances

Monday 1 April 2019 | 10:17 AM CET

Krungthai Bank, Shwe Rural & Urban Development Bank and Everex have signed a Letter of Intent to launch cross-border blockchain-powered money transfer services between Thailand and Myanmar.

This new service is called “Krungthai Bank and Shwe Bank Remittance powered by Everex” and allows customers to transfer money via smart phones. More than 3 million Myanmar migrant workers reside and work in Thailand, sending monthly a part of their income to their families in Myanmar. In order to escape high remittance costs migrant workers often end up using informal channels to send money back home.

The Ethereum blockchain technology creates a bridge between Krungthai Bank, SHWE bank and between the migrant workers and their families – a bridge for financial inclusion of millions of people. Currently, Everex is conducting focus-groups and is working on a pilot with both banks and Myanmar communities in Thailand to implement the service.

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