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Central Banks Approve Crypto Remittance Service between Thailand and Myanmar

By Shannon Wilson | April 9, 2019
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Central Banks Approve Crypto Remittance Service between Thailand and Myanmar

Ethereum-backed remittance firm Everex has been approved by the central banks of Thailand and Myanmar to provide cross-border currency transfer services between both countries.

Singapore-based Everex will power the remittances between Thailand’s Krungthai Bank and Myanmar’s Shwe Bank. The governors of the two central banks endorsed the “Krungthai and Shwe Remittance” project on Apr 4 in Chiang Rai, Thailand while at an ASEAN (Association of Southeast Asian Nations) meeting of central bank governors on regional payment connectivity.

“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,” said U Kyaw Kyaw Maung, Myanmar’s central bank governor.

“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 his Thai counterpart Veerathai Santiprabhob.

Speaking on the main group likely to use Everex’s service, Shwe Bank Executive Vice Chairman U Thein Zaw said, “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.”

Currently, Everex is conducting focus groups, and working on a pilot targeted for June this year with both banks and the Myanmar community in Thailand. It is also on the lookout for possible banking partners in the US, Taiwan, Malaysia, Singapore, China, and Europe to expand similar programs to.

Previously, The Crypto Sight reported on a partnership between India’s Federal Bank and Ripple on a platform for cross-border payments in the United Arab Emirates (UAE) to promote ease of transfers made by Indian nationals living and working there.

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