Wing (Cambodia) Limited Specialised Bank Partners with SawasdeeShop to Launch Money Transfer from Thailand to Cambodia
Phnom Penh & Bangkok, 21 February 2018: SawasdeeShop, a licensed telecom provider, is taking its first step into the international money transfer service industry by launching “DeeMoney,” licensed by the Bank of Thailand.
DeeMoney will be targeting Cambodian workers living in Thailand by offering a fast, secure and convenient money transfer solution without the need for local bank accounts or extensive applications.
SawasdeeShop has joined forces with Wing Money, a specialized banking service in Cambodia with over 5,000 branches nationwide, to enable convenient cash pickup services for the receiver.
DeeMoney and Wing’s collaboration will allow the unprecedented financial inclusion of more than 1.2 million Khmer migrants living in Thailand.
These migrant workers each send an average of 10,000 Baht (around USD $315) to Cambodia each month but often face difficulties transferring money back home due to several restrictions. These include not having a local bank account, fear of travelling to a branch office to do a money transfer, language barrier, high fees and their legal status.
As a result, they must depend on illegal money transfer channels using an underground transfer system, with a high risk that the cash they are sending will not reach the intended destination, among other challenges.
Aswin Phlaphongphanich, Chief Executive Officer of SawasdeeShop Co., Ltd., stated that DeeMoney’s broad money transfer destinations and global bank and non-bank partners allow all Thai nationals and the increasing numbers of tourists, foreign professionals and migrant workers, to be the primary user groups of the DeeMoney Transfer service.
“There is a large underserved market for outbound international money transfer that are not being serviced by traditional banking systems due to delivery time, high fees, high exchange rates and the limited accessibility, especially for the unbanked customer group,” said Mr. Phlaphongphanich. “DeeMoney believes this segment is well over 5 million consumers in Thailand.
“Wing has always been in the service of Cambodian people when it comes to money transfer service. And we are happy to be the strategic partner for Deemoney to service the Khmer migrants living in Thailand. We believe that we would be able to help Khmer living and working in Thailand to deliver their hard earned money fast, safe and convenient to their loved ones in Cambodia. With this partnership, they no longer need to worry about documentation and risk on sending money. With Wing and Deemoney they are in safe hands” said Mr. Jojo Malolos, Wing CEO”
To celebrate the partnership with Wing, DeeMoney is waiving the transfer fee for all customers transferring a minimum of 5,000 Baht (USD $157) to Wing Cambodia. Customers will also receive a free international calling card to Cambodia worth 250 Baht (around USD $7).
DeeMoney has opened its first branch in Imperial World Samrong and will be followed by Tesco Mahachai and Sukhumvit Soi 8, located near Nana BTS Station, as the primary service points in Bangkok to reach the target markets.