The Thai subsidiary of Singapore-headquartered payment service firm 2C2P is launching “easy2send” – a cross-border money transfer service in collaboration with local and international partners.
Easy2send allows cross-border transactions from Thailand to any country and vice versa. This service is governed under the remittance licence from the Bank of Thailand.
Users can make remittance requests at more than 10,000 payment outlets, with fees starting from as low as 99 baht ($3.21), and intended recipients will receive their money in real time.
2C2P (Thailand) Co Ltd CEO Piyachart Ratanaprasartporn said: “Thailand is home to more than 2.1 million foreign workers and over 90 per cent of them are Myanmar, Lao and Cambodian nationals.
“The number of expats in Thailand has also jumped significantly from the previous year with Japanese expats constituting the biggest increase of four per cent from the previous year.
“The number of Chinese expats ranks second, while the number of British and French expats are ranked fifth and eight, with an increase of 23 per cent and 17 per cent respectively.
“To serve these foreign workers, 2C2P has teamed up with financial and non-financial institutions in neighbouring countries such as Myanmar’s CB Bank and Cambodia’s Wing Money.
“On top of that, 2C2P has also established a partnership with UK-based KogoPay, Hong Kong and China’s LitePay and Thailand Post as well,” he said.
Registration for “easy2send” membership is now open for Thais and expats at all Thailand Post offices and easy2send agents. Members can perform cross-border money transfers or cross-border payments at over 10,000 outlets nationwide.
Recipients will receive the money in their bank accounts, mobile wallets or cash at participating channels in the recipients’ countries, for example at Wing Money outlets in Cambodia and CB Bank branches in Myanmar.
Thein Zaw Tun, managing director of CB Bank in Myanmar, said: “Many Myanmar families in Thailand regularly send money to their relatives and loved ones. Through this initiative, we aim to facilitate a safe, secure and affordable money transfer channel for our customers.
“One of our goals is to enhance financial inclusion by bringing families into formal financial channels, so they can send money directly to their bank accounts. We believe this initiative can promote savings and at the same time, they can enjoy higher interest rates compared to Thailand.
“We are pleased to set up this partnership with 2C2P to ensure that families in Myanmar can receive money directly from Thailand,” he said.
KogoPAY Group founder and CEO Narisa Chauvidul-Aw said: “This is an important next stage of our development. KogoPay has been building experience in international payments in the UK since 2015.
“As a start-up mobile payment company with licences in the UK and Europe, our partnership with 2C2p will help us progress to the next level within the fintech sector. 2C2P is a recognised fintech specialist and has the expertise to add value to our business proposition.
“Our partnership with 2C2P will support us as we deliver a new digital platform and mobile wallet, for cross border payments between Europe and Asia.”
LitePay chief operating officer Liu YiFu said: “As LitePay is a Hong Kong money service operator, this partnership with 2C2P will further strengthen the capacity of cross-border payment service.”
Wing chief corporate business officer Chhun Vattanak Phakdey asserted that through this new service, “Cambodian workers in Thailand will be served with a fast, convenient and assured service.
“Through this initiative, our Wing’s agents are now ready to serve beneficiaries in Cambodia for their cash-out requirement at all 6,000+ Wing agents across the country”.