Memo note from Everex CMO



Visakha Thongphetsavong - June 27, 2018



Dear community,

First of all, thanks to everyone of you who shared their concerns and feedback with respect to the lack of updates and news feed.

In order to provide you all with a clear visibility of where we are heading to, I'd like to share some additional information with you all, especially on the Myanmar deal.

- As you are all aware of, Everex is not a regulated financial institution in the sense that we do not have the pre-requisite licenses to deal with money. Hence, we are not allowed to accept large amount of deposits/withdrawals and we are not allowed to move money around the world without working with a licensed financial institution. This is the reason why we were currently focusing on finding the right Bank partner to work with. Simply because we are a white-label technology solution (*more information will be provided in the pseudo-"FAQ" we are working on)

- Also, yes that is true that we have been constantly participating in worldwide conferences. The goal of our participation was to find new leads and pitch our blockchain-based solution. Those various conferences we have attended, have greatly helped Everex as we were able to create additional visibility, traction and potential leads.

Now, with respect to Myanmar: the Business agreement is signed and valid with a bank in Myanmar. The agreement is all about cross-border remittances between Thailand and Myanmar. We have also deployed some our team members in Myanmar, including myself (temp.). Additional hirings will be announced soon :)

The first objective was to run various focus groups - which were led by Rosalia Gitau. She has been working closely with UNCDP and other NGOs based in Thailand and Myanmar. Understanding user behavior and habits, user experience with our App, user needs, gathering statistics / analytics on how to proceed with the next step etc has been a very important task in order to work on a well-designed product for the end-customers that fit their needs. An internal report has been created too in order to get to know better our target market. For instance, did you know that about $USD 682 million in remittances was sent to Myanmar from the world, with $382 million just coming from Thailand (2016) ? Well, that's how big our target market is :)

On the ground in Myanmar, some of Everex's team member is working very closely with the the Bank in Myanmar. Most of the activities are about understanding the Bank's operational processes (for instance, how the current Bank's accounting & reporting processes work and how the usage of the App will impact the Bank's reporting procedures).

Also, we have been working on the KYC of the e-wallet too, in order to respect the Central Bank's requirements in terms of KYC rules and amending the wallet for the Bank accordingly. As said, the wallet will be "custom" made for Myanmar-Thailand corridor and will need to match the specific needs and requirements from the authorities. That is why nobody is able to see any product development progress at this stage as the result is only visible between Everex and the Bank in Myanmar.

Risk management is also in the plan - in order to be sure we can mitigate the risks tied to the execution of the project. I won't disclosed in detail all the internal procedures we are working on, but there has been a lot of work done with the Bank's employees.

Believe me, we are up to speed and most of the team members are working tirelessly on the testing phase of this project - in very close coordination with the Bank in Myanmar. Hence why, it is crucial that some of Everex’s team members are based in Myanmar - for a smooth execution process. Who knows, we might even open an office there ;)-

Now, what is the Marketing team currently busy with ?

- We are currently working on the Press Release. YES! Unfortunately, it is not as easy as it seems. We just don't call the media and tell them: "Hey we are working on a great deal". There is a PR strategy that we are currently working on.

-> The Press Release will definitely be out for early Q3. Be ready!!!

- We are also working on releasing the Newsletter for our Q2 update and start focusing more on the community as we've been busy with the implementation of the project and conferences around the world in order to generate new business leads / work on other verticals. But we will make an effort to keep you updated and involve you as much as we can :)

*We have heard you out in the TG group (thanks for those who have shared their constructive feedback), and we will also be releasing a pseudo "FAQ" responding to unclear points that have been raised in there - what we are actually doing, what are our verticals, etc. -> giving more clarity on Everex and our objectives.

Thank you all for your patience and your trust!



