Popular Thai Foreign Exchange Chain Superrich to Add Cryptocurrencies
Superrich International Exchange, a popular foreign currency exchange chain in Thailand, has reportedly revealed a plan to begin offering travelers cryptocurrency exchange service in addition to 32 fiat currencies. The company has 49 locations in Thailand, one in Cambodia, one in Britain, and is also in talks with regulators to start operations in Laos.
Superrich Entering the Crypto Space
Superrich International Exchange (1965) Co. has unveiled its plans to enter the crypto space, according to local media.
Having been in business since 1965, Superrich describes itself as “The best currency exchange in Thailand with 49 locations throughout the country and 2 in other countries, with 32 currencies available.” The chain consists of 43 locations in Bangkok, six in Thailand’s provinces, one in Cambodia and one in Britain. In addition, the company is in talks with the Laotian authorities to begin money-changing operations in the country, the Bangkok Post reported on Sept. 24.
The president of Superrich, Piya Tantivachayanon, was quoted by the publication saying:
We would offer digital asset exchange for travellers…The company also plans to offer an e-wallet service, and we’re exploring business partners[hips] to help develop technology. There are many companies from Malaysia, Britain and Laos that have expressed interest.
According to Tantivachayanon, Superrich is “modernising its branches by adopting new technology to serve customer demand and compete with other money changers,” the news outlet detailed. Ryt9 publication added that the company hopes to start offering a crypto exchange service this year.
Waiting for Regulatory Approval
Superrich has already discussed its plans to offer crypto exchange and wallet services with the Thai Securities and Exchange Commission (SEC) twice, according to the Bangkok Post. Thailand’s cryptocurrency regulations went into effect on May 14, installing the SEC as the main regulator of the country’s crypto industry. The agency is currently reviewing a number of applications from companies wanting to operate crypto businesses in Thailand.
The news outlet noted that, in addition to the approval by the SEC, Superrich is also waiting for regulatory clarity from the Bank of Thailand. Unlike other companies seeking to operate a crypto business in the country, Superrich is a money business, meaning it falls under the jurisdiction of the central bank. As such, the company will operate in a new segment of the country and, if approved, will be the first in Thailand to operate “a digital asset exchange for foreign currency,” the publication conveyed. “Mr Piya said the company [also] seeks to list on the Market for Alternative Investment because becoming a public company would earn it more public trust.”
According to E-finance Thai news outlet, once the Bank of Thailand has provided regulatory clarity for financial firms to operate crypto businesses, Superrich will be ready to immediately begin its crypto operations, exchanging cryptocurrencies that the Thai SEC has approved.
What do you think of Superrich getting into the crypto business? Let us know in the comments section below.
Images courtesy of Shutterstock, Superrich, Bank of Thailand, Thai SEC, and Pixabay.
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