A Blockchain Remittance Pilot Proves Successful for 100 Migrant Workers in Thailand
A successful blockchain remittance pilot has seen over 100 participating migrant workers transfer money to Myanmar, their homeland, instantly. Everex, an Asian blockchain startup focused on financial inclusion in the region facilitated transactions totaling over 850,000 Thai baht (approx. $24,000), using its wallet over a blockchain. The Thailand-based Fintech startup revealed that the successful pilot used the Ethereum blockchain, adding that the remittance transactions incurred no transaction fees for both sending value and currency conversion. Furthermore, transfers went through in....
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In 2010, more than $5 billion was sent back home from Indonesian migrant workers across the world, up 2.44 percent from 2009 ($4.91 billion). That number may seem huge but, in the grand scheme of things, it's very small. Through the process of remittance, $436 billion looked to be sent back home in total during 2014 - before the banks took their cut through fees. According to a report by the World Bank, in 2013 the global average cost of sending remittances was 8.58 percent - a decline from the previous year but a large cut nonetheless. If a similar average fee remained in 2010, as a....
Hong Kong-based Bitspark Limited, a bitcoin remittance company, has announced a new partnership with Malaysian Vitaxel Group. Vitaxel Group, which specializes in multi-level marketing, has more than 5000 distributors in 16 Asian countries. And together, they aim to expand the bitcoin remittance services throughout Southeast Asia (S.E.A). Remittance in....
Bitcoin as a successful digital currency so far has made headway into the FinTech sector. We already know about various instances where Bitcoin and blockchain technology has successfully provided alternative financial services to the unbanked population in both developed and developing countries alike. Many bitcoin remittance service startups have been successful in places like Philippines, Kenya, and many other countries. Bitcoin-based remittance is an all round winner as it takes about an hour to send funds across the globe using bitcoin instead of 2-3 days over conventional channels.....
The Indonesian market is experiencing a rise in the number of bitcoin transactions even though the digital currency has no legal status in the country, according to a report from the Jakarta Post. In 2014, Bank Indonesia, the Indonesian central bank, released a statement declaring that bitcoin was not legally recognized as money or legal tender. Yet, despite this, that doesn’t seem to have put people off from using the digital currency as a form of payment. The report from the Jakarta Post states that the number of bitcoin users in Indonesia has risen from 80,000 up to 250,000, with a....
Back in November, Hong Kong based Cryptocurrency Exchange Bitspark Limited unveiled the first ever end-to-end Bitcoin remittance solution: A much needed service that would allow Hong Kong's population to gain easy access to the advantages bitcoin offers when compared to conventional remittance services to transfer money to the Philippines. They're now extending their services from the Philippines to also serve Indonesia. The numbers behind the demand. According to the Hong Kong Government's website, more than 165,000 Indonesians and about 169,000 from the Philippines were residing in Hong....