Meet Bob, a business owner living in Thailand. And Julienne, a foreigner who works for Bob. Every month, Julienne requires Bob to transfer a portion of her salary within Asdra Move. In this case, both Bob and Julienne need to download the Asdra Move app and sign up to use the app. Asdra allows new users to deposit without KYC required for a maximum yearly volume of 200 USD.
Since it's the first time for Bob to transfer funds to Julienne, he will have to go through the KYC verification.
After passing KYC verification, Bob can deposit FIAT funds to his account using a bank transfer, let's say 200 USD. Once Bob has deposited FAIT, his deposit will be forwarded to the vault layer, which will convert 200USD to 200 AsdraUSD.
Upon completion of Bob's deposit, he will see a balance of 200 USD, which is already converted to AsdraUSD, but to facilitate customer experience the balance will be displayed in USD.
In the meantime, Bob can now send his own AsdraUSD to anyone. Bob transfers the money to Julianne's account. Julianne receives the money in just a few seconds. In order for Julianne to transfer money to her mother and for her mother to receive money, Julianna must request her own mother, Kyaw, to download the Asdra Move app and create an account as well. Kyaw downloads the app and logs in daily.
Now, she is ready to receive money from Julianne. Julianne will transfer 200 AsdraUSD to her mother's account in Myanmar. Her mother can choose to receive the money in USD or in a local currency like MMK. In this case, she is receiving 200 AsdraUSD. The money will automatically be transferred and converted into local currency by Asdra remittance layer, where the exchange rate is the best available.
What does the remittance layer actually do?
The remittance layer ensures that the user has access to the best rate possible by verifying both FX bank rates and information provided by Money Transfer Services. Additionally, the system may add a small transaction fee or spread fee in most cases. In this way, the equivalent of 2.500,000 MMK can now be withdrawn directly from Kyaw's bank account or at FIAT via our Asdra Partner shop.
Affiliates are merchants and retailers who install Asdra Move Business in their phones. With Asdra Move Business, exchangers can become members of the global exchanger community. The community will facilitate exchanges from Kyaw by conveying money to Kyaw. Once Kyaw has confirmed receipt of the money, the exchange will be updated and completed. The money from Kyaw will be transferred to the partner account. The partner account can choose to process the daily transaction via bank transfer or keep AsdraMMK in their Asdra Move app.