Myanmar And Thailand
As the number of expats from Myanmar – the old Burma – increases, one of Myanmar’s banks Shwe Bank is using Blockchain to support those 3 million migrants currently living in Thailand. Each one of these expats sends money home to their families each month and this is where the bank comes into to help and save the day. The bank has set up ties with Everex to enable Blockchain to transfer money between Thailand and Myanmar to help its expats with more secure and cost effective transactions.
At the moment the majority of the expats are transferring money through more informal networks which alleviate the need for huge transactions fees that are charged at local banks. Sadly these more informal routes are often scams and unreliable as they are not regulated. The Myanmar expats have been losing a lot of their hard earned money because of this and are often unaware of that. However Shwe Bank has stepped in to make things a lot better and has come to the rescue.
There’s A Solution
Everex is a start up company originating from Singapore that has promised to help with the transfer of funds between Thailand and Myanmar. By using Blockchain, the transfer fees will be a lot cheaper, plus the transaction will be a lot quicker and far more secure. This is wonderful news for those expats loving in Thailand especially when you consider that some fees for making transactions such as these in Thailand are as much as 19%. This is one of the major benefits of Blockchain and the project that it is helping with in this case is a wonderful use of the new technology.
At the moment, Everex and Shwe Bank are working closely together to develop and build the new service. Once this is up and running between Thailand and Myanmar, it is expected that this service will roll out throughout Asia. Again, a fabulous resource for expats wishing to send money home to their families.
The Future’s Bright
Everex is just one of a few companies that are exploring how Blockchain can support remittance services for individuals. Bitspark (Hong King), Toast (Singapore) and even Western Union are looking into using the latest technology to make transferring money quicker, safer and cheaper. This is great news for the general public and especially those living away from home and transferring money back to their home countries. This is a worldwide solution for hundreds of thousands of people.
As we know, Blockchain is now being used worldwide to support projects and make things easier and more cost effective. There are also huge benefits because information cannot be deleted once it has been added onto Blockchain technology. Many in the industry continually praise Blockchain for its ability to do this and offer such security. Many around the world are now beginning to see how Blockchain can really assist projects without being tied to a Cryptocurrency. It is a great resource in its own right and the future for Blockchain is looking extremely positive.