Shwe Bank to enable blockchain-based remittances in Myanmar-Thailand corridor via Everex partnership

Blockchain startup Everex has entered into a partnership with Myanmar’s Shwe Urban & Rural Development Bank to facilitate blockchain-powered digital remittance services between Myanmar and Thailand.

Back in 2016, the company had conducted a pilot test in which over 100 migrant workers transferred money instantly over blockchain to their homes in Myanmar. Last year, Everex raised over $26 million in its initial coin offering (ICO) which ended on August 31, 2017.

The partnership with Shwe bank will enable millions of Myanmar migrant workers living in Thailand to use Everex’s blockchain-powered digital remittance platform to send money home. They will benefit from the technology as it will reduce money transfer time to under a minute, eliminate high remittance fees associated with traditional methods and make the process more secure.

“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,” said U Thein Zaw, Shwe Bank’s Executive Vice Chairman.

According to the official announcement, Everex and Shwe Bank are currently building the operations of the new service. Upon the successful launch of the remittance platform in the Myanmar-Thailand corridor, the 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.”