A popular foreign currency exchange chain in Thailand, Superrich International Exchange, will reportedly add cryptocurrency exchange service for travelers in their repertoire, that already includes 32 fiat currencies. Established since 1965, The exchange holds 43 locations in Bangkok, six in Thailand’s provinces, one in Cambodia and one in Britain. In addition, a location in Laos is in the pipeline as the company is in talks with the Laotian authorities.
According to local media, Bangkok Post on Sept. 24, Superrich International Exchange Co. has revealed their plans to soon enter the crypto space. The firm describes itself as
“The best currency exchange in Thailand with 49 locations throughout the country and 2 in other countries, with 32 currencies available.”
Piya Tantivachayanon, the president of Superrich, was quoted by the publication:
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.
Tantivachayanon further added that
“(Superrich is) modernising its branches by adopting new technology to serve customer demand and compete with other money changers,”
Another local publication Ryt9 mentions that the company plans to start offering a crypto exchange service within this year.
On May 14, Thailand’s cryptocurrency regulations went into effect, which installs the Thai Securities and Exchange Commission (SEC) as the main regulator of the country’s crypto industry. According to the Bangkok Post, the regulatory is currently reviewing a number of applications from companies looking to operate crypto businesses in Thailand, including Superrich.
Furthermore, The news outlet noted that along with the SEC’s approval Superrich will also be looking for regulatory clarity from the Bank of Thailand. If approved by both the regulators, the company will be the first in Thailand to operate “a digital asset exchange for foreign currency.” The publication mentions that:
“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 lends Superrich, the regulatory clarity for financial firms to operate crypto businesses, the firm can immediately begin its crypto operations, exchanging cryptocurrencies as approved by the Thai SEC.
Read more: Thai central bank shield Crypto trading amidst a high profile fraud
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