Banking News

Thai state-owned bank to use Ethereum for cross border payments

bangkok thailand

Myanmar’s Shwe Rural & Urban development bank is partnering with Thailand’s state-owned Krungthai Bank to introduce a cross-border money transfer service, powered by the Ethereum blockchain. The new scheme will enable transfers between Thailand and Myanmar via the Everex smartphone wallet platform. The service will cater to over 3 million Myanmar migrants residing and working in Thailand helping them to save money with competitive exchange rates.

“I am pleased to work on cross-border remittances with Krungthai Bank and SHWE Bank for the Thailand-Myanmar corridor. It will enable Myanmar migrant workers to efficiently send their money home using the Everex digital remittance platform,” commented Alexi Lane CEO of Everex.

Everex’s Ethereum application

Since its start in 2016, Everex has specialized in distributed ledger technology for cross-border money transfers, direct payments and currency exchange. The company aimed its sights on the under-served of Asia, but as of January 2019 has expanded into the US market, subject to being approved for a license. The company raised roughly $26 million in an ICO in August 2017.

The Everex Wallet builds on the Ethereum blockchain to support multi-currency issued stable coins and digital assets. The company claims its speed, convenience and competitive rates enable financial inclusion. Also, it is one of the first to comply with Thailand and Myanmar’s Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.

Shwe & Krungthai

State-owned Krungthai is one of the largest banks in Thailand. Shwe (Rural & Urban Development) on the other hand is a relative newcomer. In July 2014 the Central Bank of Myanmar granted Shwe a banking license, and it opened its first branch in 2016.

While Everex claims not to compete with Ripple because Everex has more of a consumer focus, multiple Thai banks have signed up to use Ripple including one of Thailand’s biggest banks, Siam Commercial Bank as well as CIMB.