DeeMoney Thailand’s only Non-Bank to hold International Money Transfer and Money Exchange Licenses

International outbound and inbound money transfer and e-payment service, DeeMoney, operated by Thai-based international telecom provider, SawasdeeShop, is revolutionizing money transfers from and into Thailand and currency exchanges within Thailand with a headline-grabbing announcement that it is the first and only non-bank entity in Thailand to ever obtain special international money transfer and money exchange licenses, issued from the Bank of Thailand; launching a worldwide money transfer service to and from 180 countries and money exchanges in 34 currencies, all within the same premises.

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

The licenses represent game-changer news, meeting evolving customer demands 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 dynamic indication of how money systems that have been in operation for years are changing in 2018 and beyond. DeeMoney represents an exciting new chapter in personal finance services; injecting innovation into banking tradition.

The Bank of Thailand issued three types of licenses to SawasdeeShop: an Authorized Money Transfer Agent License, E-Payment Service License Type C (3) and Authorized Money Changer License.

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

Currently, offerings in Thailand are restricted to Bank of Thailand licensed institutions and bank outlets only.  However, banking channels for international money transfer have several limitations such as red tape, high fees, high documentation, bank account requirements and lack of instantaneous transfers. Added to this, unofficial cross-border channels, particularly with Myanmar an Cambodia, create uncertainty in terms of exchange rates and delivery. Often migrant workers face obstacles such as local bank access, lack of local facilities as well as language barriers.