Singapore Company Enables Instant Blockchain Remittance For Myanmar Migrant Workers In Thailand
A Singapore-based technology firm called Everex has recently partnered with the Myanmar’s Shwe Bank to introduce a service of remittances between Myanmar and Thailand powered by the blockchain technology.
This partnership will enable the millions of immigrant workers that moved away from Singapore to Myanmar to send money to their families at home and to secure lower transaction rates than most banks are offering at the moment.
Blockchain In Remittances
Of all the industries that the blockchain technology is disrupting, the remittance industry is one of the most disrupted ones and the main reason for that is because there are many technological advancements that the technology is able to offer to people that the traditional services are simply not able to do.
Some of the reasons why the blockchain is so vastly superior are because it is decentralized, audible, transparent, quick and has low costs. These factors can lead to a big adoptance rate and are suitable to help the migrant community to send money back to their relatives.
According to the Un Migration Agency, a total of three million workers in Myanmar are from Thailand. However, they adopt crude methods to send the money via informal channels. The problem is that they are often too risky and expose these people to risks.
The Executive Vice Chairman of the Shwe Bank has affirmed that Myanmar people are working in Thailand risk their money then they send it via informal channels. He also believes that this will help in the financial inclusion of the workers.
By making this partnership, the company will be able to eliminate high remittance fees and to reduce money transfer time to under a single minute. This can make a revolution in the markets but also is a way to reach the unbanked and the underbanked population of the world. According to the official numbers, 2.5 billion people are unbanked and the blockchain can help these people.
This partnership is just one of the first steps to a new age in which people will be able to have more access to banking services despite their conditions.