Myanmar and Thailand to utilise blockchain technology

10 April 2019
Myanmar and Thailand to utilise blockchain technology
Central Bank of Myanmar, Nay Pyi Taw. Photo: Mizzima

This week, the Myanmar and Thai central banks approved the Krungthai and Shwe remittance project developed by Everex. The endorsement was made official at a meeting in Chiang Rai, Thailand, where financial institutions in the region demonstrated new solutions that enable cross-border payments.

Governors from the central banks believe that the introduction of a cross-border payment solution will improve financial inclusion in both countries. Kyaw Maung, the governor of the Myanmar central bank, said that the two nations have the same culture, which creates togetherness as the cross-border remittance solution developed by Krungthai and Shwe bank will.

Veerathai Santiprabhob, the governor of the Thai central bank, said that the aforementioned meeting showed how blockchain technology can solve challenges experienced in the financial services industry. He added that the new remittance solution by Everex will provide a secure platform for people working in Thailand to send money to Myanmar and vice versa.