This partnership will enable millions of Myanmar migrant workers living in Thailand to send money home instantly and securely at lower transaction costs than traditional remittance methods. Funds will be transferred via Everex’s digital remittance platform.
Everex’s remittance platform is the first of its kind to use blockchain technology to eliminate high remittance fees, reduce money transfer time to under a minute and provide a clear audit trail of the entire transaction.
Everex and Shwe Bank are currently building the operations of the new service. Following the launch of the remittance platform in the Myanmar-Thailand corridor, the service will be expanded to other Asian countries.
Shwe Bank is a mid-tier challenger bank whose primary goal is to foster financial inclusion for the underbanked population. Shwe Bank has adopted financial technology for use throughout its distribution network of about 410 banking agents across Myanmar in an effort to provide service for customers currently underserved by traditional banks.
Headquartered in Singapore, with offices in Bangkok, Thailand, Everex is a fintech company that develops blockchain-powered digital remittance solutions to improve financial inclusion and access to capital in developing markets.
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