Thai And Myanmar Central Banks Approve Everex’s Blockchain Money Transfer Remittance Solution
Thai And Myanmar Central Banks Approve Everex’s Cross-Border Money Transfer Solution
This week, the Thai and Myanmar central banks approved the Krungthai and Shwe remittance project developed by Everex. The endorsement was made official at a meeting in Chiang Rai, Thailand, where financial institutions in the region demonstrated new solutions that enable cross-border payments.
Governors from the Thai and Myanmar central banks believe that the introduction of a cross-border payment solution will improve financial inclusion in both countries. Kyaw Maung, the governor of the Myanmar central bank, said that the two nations have the same culture, which creates togetherness as the cross-border remittance solution developed by Krungthai and Shwe bank will.
Veerathai Santiprabhob, the governor of the Thai central bank, said that the aforementioned meeting showed how blockchain technology can solve challenges experienced in the financial services industry. He added that the new remittance solution by Everex will provide a secure platform for people working in Thailand to send money to Myanmar and vice versa.
Thein Zaw, the executive VP of the Shwe bank, said that the new solution will enable Burmese workers in Thailand to send money to their families. As of now, such transactions are challenging to process because of the limited access to banks in Myanmar. ZAW concluded by saying that Everex will solve those problems and ensure that the underprivileged receive banking services.
Alexi Lane, the CEO, and founder of Everex mentioned that they were excited to participate in a project that promotes financial inclusion. He added that Everex has been developing blockchain-based solutions that facilitate cross-border money transfer. He finished by saying that the launch of the Krungthai and Shwe project will greatly improve the lives of many people.
Everex is currently developing a pilot of this platform in partnership with the two banks as well as Myanmar workers living in Thailand. Later on, the company intends to launch a similar service in the US, China, Taiwan, Malaysia, Singapore, and European countries.