Breaking News: DeeMoney Becomes Thailand’s ONLY Non-Bank to Hold International Money Transfer & Money Exchange Licenses

July, 18/2018 - 10:51
Breaking News: DeeMoney Becomes Thailand’s ONLY Non-Bank to Hold International Money Transfer & Money Exchange Licenses

BANGKOK, THAILANDMediaOutReach -July 18th 2018 - International outboundand inbound money transfer and e-payment service, DeeMoney, operated byThai-based international telecom provider, SawasdeeShop, is revolutionizingmoney transfers from and into Thailand and currency exchanges within Thailandwith a headline-grabbing announcement that it is the first and only non-bankentity in Thailand to ever obtain special international money transfer andmoney exchange licenses, issued from the Bank of Thailand; launching aworldwide money transfer service to and from 180 countries and money exchangesin 34 currencies, all within the same premises.

 


Photo from left to right: Aswin Phlaphongphanich, CEO ofSawasdeeShop and Rasmegh Srisethi, Managing Director  of SawasdeeShop at the press conference to officially announce that DeeMoney, the International outbound and inbound money transfer and e-payment service, operated by Thai-based international telecom provider,SawasdeeShop, is the first and onlynon-bank entity in Thailand to ever obtain special international money transfer and money exchange licenses, issued from the Bank of Thailand. These include an Authorized Money TransferAgent License, E-Payment Service License Type C (3) and Authorized Money Changer License.


A fully developed FinTech company, DeeMoney operates its own MoneyTransfer, Exchange and E-Payment Platform, collaborating with establishedpartners. Its flagship branch is on Bangkok's Sukhumvit Soi 8 and is a one-stopservice for international money transfers and currency exchanges.

 

The licenses represent game-changer news, meeting evolving customerdemands and defining the future of how money is transferred by individuals.This bold new move is a clear sign of confidence in DeeMoney and a dynamicindication of how money systems that have been in operation for years arechanging in 2018 and beyond. DeeMoney represents an exciting new chapter inpersonal finance services; injecting innovation into banking tradition. TheBank of Thailand issued three types of licenses to SawasdeeShop: an AuthorizedMoney Transfer Agent License, E-Payment Service License Type C (3) andAuthorized Money Changer License.

 

This DeeMoney worldwide digital money transfer service reinforces thefact that Thailand is at the hub of the ASEAN community and at the forefront ofdigital development. DeeMoney customers include Thai nationals, migrant workersin Thailand, tourists and expats living and working in the Kingdom; creating aneasier way to transfer and exchange money that reflects fast-changing needs ina world where migratory work in Thailand, international travel and greaterconnections to other countries are growing rapidly.

 

Currently, offerings in Thailand are restricted to Bank of Thailandlicensed institutions and bank outlets only. However, banking channels for international money transfer have severallimitations such as red tape, high fees, high documentation, bank accountrequirements and lack of instantaneous transfers. Added to this, unofficialcross-border channels, particularly with Myanmar an Cambodia, createuncertainty in terms of exchange rates and delivery. Often migrant workers faceobstacles such as local bank access, lack of local facilities as well aslanguage barriers.

 

With a flat fee of THB 150 and registrations via valid personal ID,with some services via a mobile phone app, DeeMoney is shaking up the marketand aims to streamline, speed-up and smooth out traditional processes that areoften not practical, too unwieldy and inaccessible for those who need theseservices the most.

 

Currently, DeeMoney customers can transfer money from Thailand viatheir android mobile phones using a user-friendly app to 17 countries withfunds payable from their DeeMoney app; with an IOS version due to be launchedduring Q3 2018. This new worldwide digital money transfer service to 180countries, which will be served via the app too in the future, is beingachieved in partnership with US-based money transfer company MoneyGram;Merchantrade, a licensed money transfer and exchange network in Malaysia;global money transfer company Xpress Money; and Wing Money, a Cambodianspecialized licensed bank.

 

Meanwhile, DeeMoney has created a strategic partnership with SuperRichInternational Exchange (1965), the largest money exchange distribution inThailand to offer 34 currency exchanges at the lowest rates for customersvising DeeMoney outlets.

 

The DeeMoney operations promises a greater money transfer experiencewith a fast, secure, convenient and cost-effective solution, as Aswin Phlaphongphanich,Chief Executive Officer (CEO) of SawasdeeShop Co., Ltd. highlights.

 

 "DeeMoney is Thailand's first digitalplatform, created in Thailand, for international money transfer andexchange.  DeeMoney's key strategy is forgingstrong partnerships with leading pay-out licensed partners in each of its keycorridors, such as Cambodia, Myanmar, Vietnam, India, Philippines, China, theUS and Australia, to name just a few."

 

As wellas revolutionizing traditional banking services,  DeeMoney reinvents out-moded money-transfertiered fees that are dependent on payment amounts; which can range from THB 300upwards to THB 5,000 per transaction and in reality financially preclude manyindividuals. Instead, DeeMoney is offering an industry-first flat-fee of justTHB 150 per transaction for amounts starting as low as 1,000 Baht up to THB800,000.

 

A leading digital financial platform provider fore-payments, transfers and exchanges, DeeMoney integrates with existingfinancial service providers and transforms modern transfer and trade channels,logistics and e-commerce in the Thai consumer ecosystem. Once the Bank ofThailand has approved agent services for non-bank license holders, expected bylate 2018, DeeMoney will announce new strategicpartnerships as they develop and drive forward new digital money services.

                                                           

About DeeMoney

DeeMoney is a first non-bank Thailand licenseplatform operating international money transfer and exchange with 4 convenientlocations in Bangkok, Samrong and Mahachai. DeeMoney offers international moneytransfers to 180 countries and 34 currencies at its outlets and extends itsservices to web and mobile applications. DeeMoney mobile app is Thailand's mostcost effective and extensive solution for international money transfer with thehighest coverage of countries.

 

About SawasdeeShop

Sawasdeeshop Co., Ltd has been establishedfor more than 17 years and been a leading voice telecom provider under the NTSClicense for internet telephony and calling card services. Sawasdeeshopoperations extends from USA, Singapore, Cambodia and Hong Kong. SawasdeeShophas over 40 brands of Calling Cards with over 2 million users in Thailand. Theservice brands used in the market are known as DeeDial, Bolo, Asean, WowAngkor, Happy to name a few and a large corporate customer base of SME andCorporate customers using its SIP TRUNK (VOIP) and Cloud Communication Platformservice branded as CLOUDEE. Currently, Cloudee is the leading cloudcommunication platform offered in Thailand offering instant SIP trunk, DIDnumbers, IVR & PBX, Call Center Services over the cloud for SME and corporatesin Thailand. Sawasdeeshop backbone is on technology, telecommunication andapplication development. Using its diverse customer base SawasdeeShop entersthe Fintech industry acquiring Authorized Money TransferAgent License, E-Payment Service License Type C (3) and Authorized MoneyChanger License under the brandof DeeMoney. DeeMoney is a new entrant to Thailand's new non-bank licenseholders offering digital platform services for money transfer and currencyexchange services.


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