Thai-Myanmar first blockchain-based money transfer services to be launched

Blockchain technology allows customers to conduct various transactions more conveniently. NicoElNino/Shutterstock

Krung Thai Bank, EVX Holdings and Shwe Rural and Urban Development Bank join forces to launch the first cross-border blockchain powered money transfer services between Thailand and Myanmar, reports Everex.

The new service will be called “Krungthai Bank and Shwe Bank Remittance powered by Everex”. Customers can easily transfer money via their smartphones with competitive exchange rates.

“It will enable Myanmar migrant workers to efficiently send their money home using the Everex digital remittance platform,” says Alexi Lane, CEO and founder of Everex.

More: Asia embraces the brave new world of fintech

According to the report, the Ethereum blockchain technology creates a bridge between Krungthai Bank, SHWE bank and between the migrant workers and their families, making it a bridge for financial inclusion of millions of people.