Superrich eyes forex prospects in digital assets

Superrich eyes forex prospects in digital assets

Superrich International Exchange (1965) Co, a leading local money changer, hopes to take advantage of local interest in digital assets, with plans to discuss with the Securities and Exchange Commission (SEC) the possibility of operating a digital asset exchange for foreign currency.

It would be Thailand's first such business.

The company is awaiting a clear policy from the Bank of Thailand, but it stands ready to operate the new segment once the policymaker adopts a position, said president Piya Tantivachayanon. Superrich has already discussed the matter twice with the SEC.

"We would offer digital asset exchange for travellers," Mr Piya said. "The company also plans to offer an e-wallet service, and we're exploring business partners to help develop technology. There are many companies from Malaysia, Britain and Laos that have expressed interest."

The royal decree on digital asset businesses went into effect on May 14. The new legislation was enacted to regulate digital asset offerings and businesses undertaking digital-asset-related activities. Pursuant to the royal decree, digital assets covering cryptocurrencies, digital tokens and other electronic data units are under the SEC's supervision.

Given that Superrich is a money changer, it is now under the central bank's oversight.

In another development, Mr Piya said the company seeks to list on the Market for Alternative Investment because becoming a public company would earn it more public trust.

The company is modernising its branches by adopting new technology to serve customer demand and compete with other money changers, he said.

Superrich has 49 branches nationwide and abroad.

The company is in talks with Lao authorities to operate money-changing operations there. It has two foreign branches in Cambodia and Britain.

Superrich aims for 10% profit growth this year from 60 million baht last year.

The company expects to change 120 billion baht worth of money in 2018, up from 100 billion last year.

Mr Piya said Superrich will collaborate with a financial institution to unveil the Superrich Card, a prepaid travel card, by year-end, aimed at foreign travellers.

Holders can use it to pay for goods and services in Thailand without using cash, he said.

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