Everex Team at Bangkok Fintech Fair 2019

Everex had the pleasure of attending the Bangkok Fintech Fair 2019 in Bangkok, Thailand from 18th to 19th July to showcase our blockchain-based payment platform for cross-border money transfers and currency exchange. The Fair, which aimed to highlight the latest developments in the fintech space, was attended by key stakeholders in banking, finance, and blockchain who shared various insights into their respective industries.

The fair gave us a great opportunity to showcase our wallet and explain the way our solution works. Our booth was visited by various C-level executives from major institutions who wanted to know more about the Everex platform and the technology that powers it. Some of these executives include Khun Souwapark Suwakul, Assistant Vice President of Global Markets at Krungthai Bank, as well as key officers from the Laos Central Bank and the Bank of Thailand. We were delighted to have given them a glimpse of the Everex platform’s use-cases, particularly among travelers and migrant workers, and likewise, elaborate on the advantages they give users.

Day 1: Facilitating Financial Connectivity in ASEAN

The first day of the Fair primarily discussed how payment service providers in the region are improving interconnectedness between the countries of ASEAN in terms of payment services and remittances, with some of the leading providers in the region showcasing some of their latest offerings. We, as one of the key players in the space, discussed our partnership with Krungthai Bank and Myanmar-based Shwe Bank in developing a way to seamlessly facilitate remittances between Thailand, which hosts over three million Myanmar migrant workers, and Myanmar.

Krungthai Bank showcased our upcoming service dubbed “Krungthai Bank and Shwe Bank Remittance powered by Everex,” which will allow customers to transfer funds more conveniently using their smartphones. Given its use of blockchain technology, we demonstrated how our service is making strides in maximizing fintech accessibility to those who have traditionally been neglected by mainstream financial service providers. This garnered significant interest among attendees, some of whom expressed interest in the upcoming service.

Day 2: Cross-border Payments Using Stable Coins

Executives from Ripple, Singtel International Group, Bank of Ayudhya, National Bank of Cambodia, and our CEO Alexi Lane talked about connectivity and cross-border payments, the ways in which stakeholders in the fintech space are facilitating better ways of fund transfers, as well as the promotion of financial inclusion. Each of the participants explored how there is a need to reduce the underlying inconveniences involved in settling cross-border fund transfers, notably the exploitative fees involved, the lack of a unified and interoperable platform, as well as economic risks that may occur when these transactions take place.

Alexi Lane expanded this further by discussing how, in spite of the various solutions available in the Southeast Asian market, “cash is still a king,” and making it accessible to users is paramount to not only providing quality fund transfer services but also promoting financial inclusion. He also highlighted that through the use of stable coins, notably Everex’s Thai Baht-pegged THBEX, the platform is able to offer convenient money transfer services while at the same time offering stable exchange rates given that the THBEX stable coin is collateralized under a fiat currency. Alexi took this further by pointing out that the use of stable coins not only brings benefits in terms of ease-of-use and cost-effectiveness, it also allows for greater transparency and traceability since all transactions are recorded on the blockchain.

To summarize, the Bangkok Fintech Fair offered a great opportunity for us to not only showcase the developments we have made in enabling an affordable and seamless way of transferring funds, it also allowed us to spread the word about the merits of using blockchain technology, notably stable coins, to enrich the experience of our end users. If the above-mentioned topic was of interest to you, or if you would like to find out more about our platform, please feel free to contact our website or get in touch with our representatives at team@everex.io.

Until next time!