DeeMoney, Thailand's first non-bank international money transfer and currency exchange service provider, is looking for a strategic partner to strengthen its business operations internationally via the digital platform.
A strategic partner with know-how could facilitate the company's business expansion, said Aswin Phlaphongphanich, chief executive of SawasdeeShop.
DeeMoney, operated by Thai-based international telecom provider SawasdeeShop, holds three licences for cross-border remittance, foreign exchange and e-payment.
The fintech firm is looking for a corporate venture capital company to support business operations overseas. It plans to aggressively expand business both locally and internationally under the digital platform this year.
Should it strike a partnership deal, the company will raise capital of US$5 million (150 million baht) to finance its business expansion over the next two years.
"Money is not the issue," Mr Aswin said. "We want a potential partner to support our growth in the digital age. With current registered capital, we can grow our business as planned."
DeeMoney hopes to extend its cross-border fund transfer service to cover 40 countries this year, up from 17 now.
It also aims to open six more outlets nationwide, up from four at the moment, and widen touch points to 5,000.
DeeMoney applied for an e-wallet licence from the Bank of Thailand and expects it to be granted this year.
The company also applied for a banking agent licence from the central bank to support omni-channel business expansion and digitisation.
DeeMoney launched its mobile app last August in line with its digital plan.
As of January, transaction volume through the mobile app was up 30% month-on-month since its debut in July 2018, with a 13% on month rise in customer numbers.
Mr Aswin said DeeMoney could lower its fee for cross-border fund transfers to acquire more customers. It charges a flat rate for international money transfers of 150 baht per transaction, compared with a starting rate of 1,300 baht among competitors.