Wednesday
August 1
2018

Singapore FinTech Enables Instant Blockchain Remittance for Myanmar Migrant Workers in Thailand

Everex, a Singapore-based financial technology firm, has partnered with Myanmar’s Shwe Bank to introduce blockchain-Powered remittance Services between Myanmar and Thailand.

The blockchain firm claims that the partnership will enable millions of Myanmar migrant workers living in Thailand to send money home instantly and securely at much lower transaction costs than traditional remittance methods.

The remittance industry stands as one of the most disrupted industries by blockchain technology. The reasons for this are not far-fetched as the comparative advantages which the technology boasts over traditional remittance systems are easy to identify.

Photo courtesy of Jaume Escofet.

Source: CCN (link opens in a new window)

Categories
Finance
Tags
blockchain, digital payments, fintech, mobile money, remittances