Myanmar’s Shwe Urban and Rural Development Bank have signed a deal with Everex crypto company for the developing of a blockchain-based remittance service with Thailand, Everex said on Monday. The mid-tier challenger bank will use blockchain in the banking transactions in a bid to attract millions of Myanmar migrant workers living in the neighboring country.
According to the latest data from the United Nations Migration Agency (IOM), around three million people from Myanmar work in Thailand, as the economy there is significantly more developed. Most of the workers use unofficial channels for sending fiat currency home, the so-called informal money-agent networks, due to the high bank taxes.
“Myanmar people working in Thailand are foreign currency earners of our country, and their h...
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