KTB, Shwebank and Everex receive Bank of Thailand approval for blockchain remittance

It was announced earlier this month that the Central bank governors of Thailand and Myanmar endorsed the “Krungthai and Shwe Remittance“ project, powered by blockchain based payment company Everex. Both governors highlighted that the payment connectivity between Thailand and Myanmar is a milestone for financial inclusion.

With the news, Everex received a letter of approval from the Bank of Thailand to launch this project as requested by Krungthai bank, Shwe bank, and Everex. Currently, Everex is conducting focus-groups and is working on a pilot with both banks and Myanmar communities in Thailand to implement the service.

A new Service to meet the Needs of Migrant Workers

This new service is called “Krungthai Bank and Shwe Bank Remittance powered by Everex”. This joint service allows customers to transfer money more conveniently anywhere, anytime and via smartphones. It will be reliable and will have competitive exchange rates.

Everex is also looking for future bank partners in the US, Taiwan, Malaysia, Singapore, China, and Europe to expand this program of creating an innovative financial inclusion.

“It is our great pleasure to join this project of financial inclusion. For the last few years, Everex has been diligently working on developing blockchain powered solutions and cross border transfers. Now we are very happy that our product will be a part of the joint venture to bring workers and people access to financial services for a better life and a better future.”

“Both countries share a common culture and traditions. Those bring countries and people together the same way as Krungthai and Shwe bank cross border remittance money transfer service. Transactions will be faster and more secure. The ASEAN event showed many real-life use cases of innovative technology like how blockchain can be used to meet the needs of customers. This project is an important step forward for the more than 3 million workers in Thailand who might have so far used not secure channels,” said Veerathai Santiprabhob, the Central bank governor of Thailand. Congratulations to initiate this important project!”

“The main objective for Myanmar migrant workers is to send money home to their families. However, on Myanmar side banks have limited opening hours. With the Everex platform, we can overcome the challenges and provide better banking services.”

This content was originally published here.

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