SuperRich International Exchange will become the first Thailand-based currency exchange to offer cryptocurrency exchange services for foreign currency if its plans are successful. Bangkok Post reported on Sept. 24 that SuperRich was venturing into financial technology, especially considering the effect that cryptocurrencies have in the global financial markets. The latest development is aimed at capitalizing on the growing market.
Piya Tantivachayanon, president of SuperRich, confirmed the plans as he was quoted saying:
“We would offer digital asset exchange for travelers. The company also plans to offer an e-wallet service, and we’re exploring business partners[hips] to help develop the technology. There are many companies from Malaysia, Britain, and Laos that have expressed interest.”
Tantivachayanon also went on to say that his exchange is adopting new technologies in a bid to modernize its branches and compete with its international competitors.
Regulatory Hurdles Ahead
The country’s regulatory framework for cryptocurrencies came into effect in May through a royal decree. The framework was enacted to regulate digital assets under the supervision of Thailand’s Securities and Exchange Commission (SEC), which has always supported initial coin offerings and cryptocurrencies provided they are regulated. SuperRich’s new cryptocurrency exchange will fall under the supervision of the SEC.
Before the exchange can go ahead with its plans, it first needs approval from the SEC. The exchange has met with the SEC twice and discussed the possibility of launching a cryptocurrency exchange for foreign currency.
The SEC is currently vetting a number of applications from companies that want to set up crypto shops in the country.
Tantivachayanon also indicated that SuperRich is ready to start operating its cryptocurrency services once the Bank of Thailand adopts a favorable policy. SuperRich, considered to be a “money changer,” operates under the regulation of the central bank.
SuperRich Expands Its Services
Established in 1965, SuperRich is a popular exchange for foreign currency and already provides services for 32 fiat currencies. The exchange has offices in 49 locations in Thailand and one each in Cambodia and Britain. SuperRich is also negotiating with Lao officials to be granted a license for operating currency exchange services.
Thailand’s central bank has already approved SuperRich’s expansion plans into the Southeast Asian country. Tantivachayanon revealed that his company is working in partnership with an unnamed financial institution to offer the SuperRich prepaid travel card before the end of the year. The traveler’s prepaid card can be used anywhere in the country to pay for goods and services in place of cash.
Tantivachayanon pointed out that the company wants to list on the Market for Alternative Investment as it aims to earn more trust by going public.
After posting profits of 60 million baht ($1.8 million) in 2017, the company expects its profit margins to grow by 10 percent in 2018.