Bangkok--12 Feb--Core&Peak
SawasdeeShop, a licensed telecom provider, is marking its first step into the international money transfer service industry by launching "DeeMoney," licensed by the Bank of Thailand. DeeMoney will be providing money transfer to more than 17 countries as primary destinations, such as Cambodia, Philippines, Myanmar, Malaysia, Singapore, India, Nepal, USA, UK, New Zealand, Australia, Pakistan, Bangladesh, Indonesia, Vietnam, China and more. However, during the initial launch phase, DeeMoney will be focusing on Cambodian workers segment residing in Thailand by offering fast, secure and convenient money transfer solution without the need for local bank accounts or extensive applications.
Mr. Aswin Phlaphongphanich, Chief Executive Officer (CEO) of SawasdeeShop Co., Ltd., stated that Deemoney's broad money transfer destinations and global bank and non-bank partners allow all Thai nationals and the increasing numbers of tourists, foreign professionals and migrant workers to be the primary user groups of the DeeMoney Transfer service. There is a large underserved market for outbound international money transfer that are not being serviced by traditional banking systems due to delivery time, high fees, high exchange rates and the limited accessibility, especially for the unbanked customer group. DeeMoney believes this segment is well over 5 million consumers in Thailand.
SawasdeeShop joined forces with Wing Money, a specialized banking service in Cambodia with over 5,000 branches available nationwide to enable convenient cash pickup services for the receiver. DeeMoney and Wing collaboration will allow the unprecedented financial inclusion of more than 1.2 million Khmer migrants living in Thailand. These foreign migrant workers send an average of 10,000 Baht/ person/ month. However, they tend to face difficulties in transferring money back home due to several restrictions. These include not having a local bank account, fear of travelling to branch office for money transfer, language barrier, high fees, legal status and other transfer restrictions. As a result, they must depend on illegal money transfer channels using an underground transfer system, placing high risk that the cash they are sending will not reach the intended destination – amongst other challenges.
To celebrate the partnership with Wing, DeeMoney is waiving the transfer fee to free transfer fee for all customers transferring a minimum of 5,000 Baht to Wing Cambodia. Customers also receive a free international calling card to Cambodia worth 250 Baht.
DeeMoney has opened the first branch in Imperial Samrong, and will be followed by Tesco Lotus Mahachai and Sukhumvit Soi 8, located near BTS Nana Station as the primary service points in Bangkok to reach the target markets.
By June 2018, DeeMoney will move into FinTech space by providing digital international money transfer through an easy-to-use Money Transfer Application where customers can send money internationally directly from their mobile phone. Upon doing the transaction on the app, the customer has a choice to transfer funds from the DeeMoney wallet, or pay conveniently via banks, ATMs, or Bill Payment at Big C and Counter Service at 7-11.
A road map to the future, DeeMoney is also looking at partnering with more international providers to provide inbound money transfers from overseas to Thailand. DeeMoney can provide remittance into bank accounts and cash pick-ups, depending on customer needs.
"Deemoney" is now available on the 1st Floor, Imperial World, Samrong.