The neobank, titled Spring Development Bank (SDB), will have a beta launch on July 22.

Myanmar’s National Unity Government (NUG), the country’s rebel government, plans to launch a neobank called Spring Development Bank (SDB) that will use Polygon and Uniswap v3 pools with USDT stablecoins for currency swaps. The bank aims to offer services like currency swap, fixed deposits, and prize-linked savings accounts. The NUG recognized stablecoin Tether (USDT) as legal tender at the end of last year.

The SDB web-based app will have a beta launch on July 22 and will be available on Google Play and Apple’s App Store. SDB, led by supporters of ousted leader Aung San Suu Kyi, aims to disrupt Myanmar’s financial system controlled by the military junta. (CoinDesk)

The bank will also allow users to donate directly to the revolutionary movement.

SDB aims to onboard 100,000 active users in six months and plans to support four currencies: Myanmar kyat, U.S. dollar, Singaporean dollar, and Thai baht. The bank will comply with Basel Accords and FATF regulations for security measures.

Users will be able to deposit foreign currency and receive stablecoin in return, and local agents will help with currency exchange within Myanmar.

Myanmar’s population is tech-savvy and has widespread internet access.

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Photo by Saw Wunna on Unsplash