Everex Partners with Myanmars Shwe Bank To Introduce Blockchain-Powered Remittance Services between Myanmar and Thailand

Stocks and Financial Services Press Releases Thursday August 2, 2018 13:26
กรุงเทพฯ--2 ส.ค.--Everex

Financial technology firm Everex has partnered with Myanmar's Shwe Urban & Rural Development Bank, a mid-tier challenger bank, to provide blockchain-powered digital remittance services between Myanmar and Thailand.

This partnership will enable millions of Myanmar migrant workers living in Thailand to send money home instantly and securely at much 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's technology is expected to increase the financial inclusion of Myanmar's unbanked population. The UN Migration Agency estimated that _about three million Myanmar migrant workers live in Thailand_ (https://www.iom.int/countries/myanmar); most send money to their home country through informal money-agent networks to avoid the hefty fees that come with traditional remittance services. While their services are inexpensive, these money agents are unregulated and sometimes take advantage of migrant workers by lending them money at very high interest rates.

"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," said U Thein Zaw, Shwe Bank's Executive Vice Chairman. "Shwe Bank and Everex have partnered to offer faster, less expensive and, most importantly, safer money transfers using Everex's digital remittance platform. I look forward to working with Everex and expect this technology to greatly improve financial inclusion for Myanmar migrant workers."

"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," said Alexi Lane, founder and CEO of Everex. "I am pleased to have the opportunity to work with Shwe Bank in facilitating cross-border remittances for the Thailand?/Myanmar corridor, which will enable Myanmar migrant workers to send money back home using our digital remittance platform."

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.

About Shwe Bank

Shwe Rural & Urban Development Bank (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 quality service for customers currently underserved by traditional banks.

About Everex

Founded in 2015 and headquartered in Singapore, with offices in Bangkok, Thailand, Everex is a financial technology firm that develops blockchain-powered digital remittance solutions to improve financial inclusion and access to capital in developing markets.

Latest Press Release

KBank presses ahead with home loan campaigns and sets new loan target of 16 billion Baht for 1Q19

KBank is proactively pursuing the home loan market in 2019, having already enjoyed steady growth. To tap into potential customers wanting to refinance their homes, KBank will continue two major campaigns, highlighting free mortgage registration fee and...

Photo Release: SCB promotes accounting management for SMEs offering online accounting platform by PEAK

In an effort to support SMEs to embrace digital technology, SCB has joined forces with PEAK, a service provider of fully integrated online accounting software, to promote online accounting platform among SMEs. With an easy and convenient access, the...

Photo Release: KTC gives joy, members redeem up to 15% discounts using KTC credit cards at supermarkets without a limit.

Mr. Nattasit Soontranu, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, reveals that KTC has selected special privileges for members who make transactions using KTC credit cards at all Home Fresh Mart / Gourmet...

TerraPay Expands Footprint in Asia, Partners With Pan Asia Bank for Instant Money Transfers to Sri Lanka

- Sri Lankan migrants worldwide can now send money instantly and 24*7 to any bank account in Sri Lanka TerraPay has partnered with Pan Asia Bank which enables TerraPay's network partners to make instant cross-border money transfer to all bank accounts...

CPFs sales revenue reach Bt 541 billion, showing an 8% annualized growth Overseas businesses contributed 67%

Charoen Pokphand Foods PLC (CPF), one of the world's leading agro-industrial and food conglomerates with investment in 17 countries, posted Bt541,937 million in sales revenue in 2018 and Bt15,531 million in net profits. Mr.Sooksunt Jiumjaiswanglerg,...

Related Topics