DeeMoney, the first local non-bank international remittance service provider, aims for 5 million transactions with a combined volume of US$5 billion (167 billion baht) from its cross-border money transfers, exchanges and e-payment services in the next five years.
Its foreign remittance service is initially focused on Myanmar, Cambodia, the Philippines and India, said chief executive Aswin Phlaohongphanich, who did not reveal current transaction volumes.
Migrants and expats are the service's target customer groups, as there are large foreign communities in Thailand, he said.
DeeMoney, which is under Thailand-based international telecom provider SawasdeeShop, were awarded three licences -- money transfer agent, e-payment and money exchange services -- from the Bank of Thailand last November. The provider began operating in December.
The company is offering a promotional campaign with a flat-rate fee for international fund transfers of 150 baht per transaction until December. Afterwards, the starting fee will be raised to 300 baht per transaction.
Under its partnership model, DeeMoney's international money transfer service covers 180 countries with over 220,000 service points around the world.
SawasdeeShop, for example, has joined forces with Wing Money, a specialised banking service in Cambodia with over 5,000 branches nationwide, to enable cash pick-up services for recipients in neighbouring countries.
The DeeMoney app for both Andriod and iOS is scheduled to be launched next month, allowing customers to make transactions via the online channel.
The provider has three outlets -- Imperial World Samrong, Tesco Mahachai and Sukhumvit Soi 8 -- and plans to open a fourth on Friday, he said.
But opening more brick-and-mortar branches is not DeeMoney's key strategy for business expansion in the digital era, said Mr Aswin.
"We've been adopting several innovative technologies and financial services on the digital platform, and some of them are undergoing the regulatory approval process. For instance, we've sought a licence from the central bank for e-money to offer e-wallet service in the next phase," he said.
"The new service will expand digital financial services and move Thailand towards a cashless society.
DeeMoney has spent 150 million baht on technology development. SawasdeeShop has been operating in Thailand for 17 years.