October 21, 2018

A Thailand Foreign Exchange Firm To Get Into Cryptocurrency

A Thailand Foreign Exchange Firm To Get Into Cryptocurrency

Superrich International Exchange, a renowned Thailand-based foreign currency exchange chain has said that it will start to provide Cryptocurrency exchange services. Currently, the company exchanges 32 fiat currencies in Thailand, Cambodia, and Britain. The company has 49 branches in Thailand while the other two countries have one office each. Superrich has already written to the Thai Securities and Exchange Commission (SEC) and is waiting for feedback.

Thailand To Have Another Crypto Firm

Superrich International Exchange (1965) Co. is now planning to enter in the Cryptocurrency sector. According to Piya Tantivachayanon, the president of the company, the company wants to provide Cryptocurrency exchange services to travelers. This will make it easy for people to send money to and from the country in an easy and convenient way.

Bangkok Post quoted the president saying that they will also provide wallet services. Mr. Tantivachayanon said they are now looking for other partners who will help them to incorporate the technology. The also revealed that companies from Laos, Britain, and Malaysia have already approached them for a deal.

Superrich Has Applied To Thai SEC

Superrich has already contacted the Thai Securities and Exchange Commission (SEC) about their plans according to Bangkok Post. Since the agency was given the responsibility of regulating Crypto firms in the country in May, it has been busy handling many applications. Superrich has applied twice and is expecting a feedback any time soon.

The company has said that it hopes to begin providing the Cryptocurrency services this year. E-finance has said that the financial firm is ready to handle the virtual currencies that are approved by the Thai SEC. The firm is also planning to enter Laos and has already contacted relevant authorities.

Superrich Has Applied To Thai SEC

Superrich Experience In The Financial Sector

Superrich has been providing financial services since 1965. The company has 49 branches spread across Thailand and one in Britain, and the other in Cambodia. In Thailand, 43 branches are based in Bangkok while the other six are the other provinces. The company is also planning to provide money-changing services in Laos and has already applied.

The company said that the recent move is an attempt to introduce new technology. According to its president, the introduction of Cryptocurrency services will help them to serve customer demand. Moreover, they will be in a position to compete with other companies providing similar services. The introduction of the new services will provide the company with an alternative source of revenue and boost its capital base.

The entrance of Superrich in the Cryptocurrency sector is expected to provide customers with many benefits. Given the vast experience of the company in the financial sector, consumers will have more confidence in Cryptocurrencies. The move is a major boost to the Crypto market in the country and beyond.

Given that Superrich is a financial institution, it will also have to wait for an approval from the Bank of Thailand. Most of the other companies applying to provide Cryptocurrency services in the country do not have to contact the central bank, as they do not fall under its jurisdiction. If Superrich will be successful in getting the approval, it will be the first company in the country to provide Cryptocurrency exchange services for foreign currency.

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