Krung Thai Bank applies blockchain tech to money transfers between Thailand and Myanmar
On 28th March 2019, Rawin Boonyanusasna, Senior Executive Vice President — Head of Global Markets Group of Krungthai Bank, Alex Lane, CEO of EVX Holdings, and U Thein Zaw, Executive Vice Chairman of Shwe Rural & Urban Development Bank signed a Letter of Intent to introduce the 1st cross-border blockchain-powered money transfer services between Thailand and Myanmar.
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More than 3 million Myanmar migrant workers reside and work in Thailand. Every month they are sending 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.
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 smart phones. It will be reliable and will have competitive exchange rates. Alexi Lane, CEO and founder of Everex says
“I am pleased to work on cross-border remittances with Krungthai Bank and SHWE Bank for the Thailand-Myanmar corridor. It will enable Myanmar migrant workers to efficiently send their money home using the Everex digital remittance platform”.
A real-life application for blockchain money transfer
The blockchain technology solves the key problem for cross-border transfers for underbanked customers: trust. Senders never lose sight of their money due to their secure Everex wallet on their phone. Blockchain also allows for cheaper, quicker and automated cross-border transactions from a sender’s smartphone to the recipient’s house door. Digital transactions are faster than cash and can be of a great advantage in SEA. 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.