Everex, blockchain-powered digital remittance platform, announced that it has signed an agreement with Thailand-based Krungthai Bank and SHWE Bank from Myanmar. The deal will see the three entities jointly introduce a cross-border, blockchain-powered money transfer services between Thailand and Myanmar.

The new service is called “Krungthai Bank and SHWE Bank Remittance powered by Everex”. This joint service will allow customers to transfer money via smartphones with competitive exchange rates.

The service will mainly target over three million Myanmar migrant workers reside and work in Thailand, sending part of their income to their families in Myanmar every month and dealing with high remittance costs in using informal channels to send money back home.

The letter of intent was signed by Rawin Boonyanusasna, Senior Executive Vice President – Head of Global Markets Group of Krungthai Bank; Alex Lane, CEO of EVX Holdings; and U Thein Zaw, Executive Vice Chairman of SHWE Rural & Urban Development Bank.

“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,” said Alexi Lane, CEO, and founder of Everex said.

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Everex is a financial technology company that develops blockchain-powered digital remittance solutions to improve financial inclusion and access to capital in developing markets. The company offers cross-border money transfers and currency exchange solutions using the blockchain technology within Everex wallet on a smartphone.

As the news is being published, Everex is in the middle of on-going testing with focus-groups for a pilot with both banks and Myanmar communities in Thailand, looking to implement the service.