Telecom provider SawasdeeShop’s e-payment service DeeMoney has secured international money transfer and money exchange licences from the central bank of Thailand.
DeeMoney has secured three licences including Authorized Money Transfer Agent License, E-Payment Service License Type C (3) and Authorized Money Changer License. The company is said to be the country’s first non-banking institution to receive the licences.
The move will enable the firm to launch remittances to and from 180 countries as well as offer exchange services in 34 currencies.
The services are currently compatible on Android phones, with an iOS version expected to be rolled out in the third quarter of this year.
Currently, users can send funds from Thailand through Android phones to 17 countries with funds payable from their DeeMoney app. Remittances to more countries will be facilitated through partnership with various other money transfer companies such as MoneyGram, Merchantrade, Xpress Money, and Wing Money.
All transactions made through the app will be charged equally unlike other services that impose a fee based on the amount of funds to be transferred.