Thai, Myanmar Central Bank Governors Approve Blockchain Fund Transfer Service

Blockchain startup Everex saw its Ethereum (ETH)-based payment system being approved by the governors of two central banks. The system is designed to make payments between Thailand and Myanmar.

Everex unveiled the system with its associates, state-owned Krungthai Bank of Thailand and Shwe Bank of Myanmar, at the Association of Southeast Asian Nations (ASEAN) central bank governors and finance ministers meeting.

On the venture, the Everex press release quotes Veerathai Santiprabhob, the governor of Thailand’s Central Bank, as saying:

“This project is an important step forward for the more than 3 million workers in Thailand who might have so far used not secured channels.”

U Kyaw Kyaw Maung, governor of the central bank of Myanmar, also made an announcement regarding the project during the meeting:

“Both countries share a common culture and traditions. Those bring countries and people together the same way as Krungthai and Shwe bank cross border remittance money transfer service. Transactions will be faster and more secure.”

The press release points out that the company got a letter of approval from Thailand’s central bank, the Bank of Thailand, to introduce its facility as asked for by the parties involved. Everex has also tweeted with a link to the news release from the Bank of Thailand that provides details of the plan for the ASEAN conference and details regarding Everex’s product.

On March 28, Everex revealed that Krungthai Bank has inked a Letter of Intent to launch its cross-border remittance service between Thailand and Myanmar. Notably, more than three million Myanmar workers who are employed in Thailand remit a portion of their income to Myanmar.

Furthermore, the facility based on Everex’s platform, named “Krungthai Bank and Shwe Bank Remittance powered by Everex,” permits users to remit money through smartphone on a 24×7 basis.
Last week, India’s Federal Bank, a commercial private bank, has joined hands with Ripple to utilize its platform for cross-border payments.

Back in January, in the Middle East, the Saudi Arabian Monetary Authority and the UAE central bank revealed their intention to develop their native interbank cryptocurrency, which has been named “Aber.”