Instant blockchain remittance is on the cards for migrant Myanmar workers in Thailand who want to instantly send money back home as a major Singapore tech firm partners with a Myanmar banking institute to help the neediest people.
The large Myanmar bank, the Shwe Bank, is partnering with the Singaporean tech-based financial firm, Everex, to implement remittance services between the neighboring Thais and Burmese with a blockchain-powered remittance model.
Introducing instant blockchain remittance for Myanmar workers
The instant blockchain remittance service will help the millions of migrant workers from Myanmar who live and work in Thailand who need to send home money instantly and with cheaper transaction fees.
The partnership between Everex and Shwe Bank will see the implementation of the instant blockchain remittance system that aims to speed up transactions and offer cheaper transaction fees, which is why blockchain remittance processes are being adopted across the crypto world. The auditable nature of decentralized blockchain remittance is also a major reason why the technology is being adopted.
These are all perfect examples of why this venture is a great idea for a significant number of migrant workers across the globe who want to send money home rapidly. The Philippines is another nation that has vast hordes of workers in other nations who need to send money back home in the easiest and simplest possible way.
There are approximately three million Myanmar workers living under a migrant status working in Thailand in figures released by the UN Migration Agency. They have limited options to send money back home to relatives and usually have to pay high transfer fees, which for the poor is a real problem. The poorest are always exposed in this regard, and that is why the move to install the instant blockchain remittance services is essential.
Everex joining forces with Shwe Bank
No-one is more understanding of the Myanmar migrant workers needs than the Shwe Bank, who has recently partnered with the Singapore-based tech form, Everex, to fix the problems. The Shwe Bank’s executive vice chairman, U Thein Zaw, was recently quoted as saying, “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.”
Zaw went into detail about Shwe Bank’s partnership with Everex in regards to instant blockchain remittance to offer cheaper and faster, and safer transfers. Zaw talked about how they are looking forward to working with Everex, and believes that the technology that the company offers can greatly improve “financial inclusion for Myanmar migrant workers.”
One of the main reasons for Everex partnering with the bank is to reach out to the so-called unbanked population of the globe, which reaches almost 2.5 billion according to stats. Although it is believed that this figure of the world population does not use banks in a formal sense, they do need a financial solution, which is where instant blockchain remittance can win the day.
Of the 2.5 billion who do not formally use banks, it is understood that 2.2 billion of that figure is located in Asia, Africa, the Middle-East and Latin America.
Shwe Bank and Everex are working towards providing the adequate financial technology to support the unbanked population in Myanmar across its 410 agents in the nation to help those who feel underserved by the current banking system,
This collaboration of companies to implement an instant blockchain remittance service will help the poorest and neediest people who need to send money back home to Myanmar in the cheapest and safest possible way.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.