Everex, Shwe Bank Partner On Blockchain Remittance Services For Myanmar-Thailand Corridor

News | August 2, 2018 By:

Singapore-based blockchain startup Everex has teamed with Myanmar’s Shwe Urban & Rural Development Bank to introduce blockchain remittance services between Myanmar and Thailand.

Everex is a financial technology company specializing in applying blockchain solutions to cross-border payments, trading and lending. Everex services create decentralized, global credit histories and scorings for individuals and SMEs. The company is based on a trusted economy principle, enabling payments and transfers of ownership of digital assets using ethereum smart contracts.

Shwe Bank is 100 percent privately owned, and was founded by local conglomerate Shwe Than Lwin, which is also the largest shareholder. The bank has 10 other private shareholders. According to Central Bank regulations, Shwe Bank invested K20 billion ($13M USD) in paid-up capital and has authorized capital of K100 billion ($68M USD).

The partnership is aimed at enabling millions of Myanmar migrant workers living in Thailand to send money home instantly and securely at lower transaction costs than traditional remittance methods. Funds will be transferred via Everex’s digital remittance platform, which eliminates high remittance fees, reduce money transfer time to under a minute and provide a clear audit trail of the entire transaction.

“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.”

Following the launch of the remittance platform in the Myanmar-Thailand corridor, the new service will be expanded to other Asian countries.

“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.”