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 must download the Asdra Move app and sign up to use it. Asdra allows new users to make deposits without KYC for a maximum annual volume of 200 USD.
Since this is the first time for Bob to transfer funds to Julienne, he has to go through KYC verification.
After passing the KYC verification, Bob can deposit FIAT funds into his account via bank transfer, say 200 USD. Once Bob deposits FAIT, his deposit will be forwarded to the vault layer, which will convert 200 USD into 200 AsdraUSD.
After Bob completes his deposit, he will see a balance of 200 USD that has already been converted to AsdraUSD, but to simplify the 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 ask 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 will receive 200 AsdraUSD. The money will be transferred automatically and converted into the local currency by Exchange & Remittance Layer using the best available exchange rate.
What does the remittance layer actually do?
The Exchange & Remittance Layer ensures that the user has access to the best possible rate by verifying both FX bank rates and information provided by Money Transfer Services. In addition, the system may charge a small transaction 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In this way, the equivalent of 2,500,000 MMK can now be withdrawn directly from Kyaw's bank account or at FIAT via our Asdra Partner shop.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 exchange community. The community will facilitate the exchange of Kyaw by conveying money to Kyaw. Once Kyaw confirms 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.