Logo of Phnom Penh Post newspaper Phnom Penh Post - 2C2P unveils easy-to-use cross-border remittance service

2C2P unveils easy-to-use cross-border remittance service

Content image - Phnom Penh Post
2C2P (Cash and Card Payment Processor) is launching “easy2send” – a cross-border money transfer service in collaboration with local and international partners. The Nation (Thailand)

2C2P unveils easy-to-use cross-border remittance service

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”.

MOST VIEWED

  • Cambodia armed with money laundering laws

    Money laundering will now carry a penalty of up to five years in prison while those convicted of financing terrorists will be jailed for up to 20 years, according to new laws promulgated by King Norodom Sihamoni and seen by The Post on Thursday. Comprising nine

  • Schools to be reopened in ‘three stages’

    With guidance from Prime Minister Hun Sen, the Ministry of Education, Youth and Sport, is in the process of reopening schools in three stages. But no timeline has been set, ministry spokesperson Ros Soveacha said on Thursday. Soveacha said the first stage will be to

  • Thai border crossings eased

    The Cambodian Embassy in Thailand said in an announcement on Wednesday that Thailand’s government has allowed certain passengers from several countries to enter its borders. The visitors must go back to their country immediately after their duties in Thailand are fulfilled, the embassy said.

  • Gov’t says tourism recovers slightly despite pandemic

    The Ministry of Tourism and the Phnom Penh municipal administration have recognised 33 tourism businesses in the capital which have consistently implemented safety measures for tourists and adhered to the code of conduct issued by the ministry. Recently, the ministry announced that tourism businesses had to

  • Mull ASEAN border opening, PM urges

    Prime Minister Hun Sen has requested that ASEAN launch a scenario for gradually reopening cross-border travel and trade between countries in the region. He said ASEAN has had more success combating Covid-19 compared to other regions. The prime minister’s request was made at the

  • Ministry reports 11 new Covid-19 cases, reiterates vigilance

    Minister of Health Mam Bun Heng has urged people to continue practising virus prevention techniques after 11 people tested positive for Covid-19 within two days after arriving in the Kingdom. Speaking on Sunday, Bun Heng stressed the importance of washing hands, wearing masks or scarves when

  • Nine on Indonesia flight Covid-19 positive

    The Ministry of Health on Saturday confirmed nine more imported cases of Covid-19. The nine ‒ eight Cambodians and one Indonesian, aged 22 to 26 ‒ arrived in Cambodia on Thursday via a direct flight from Indonesia and are receiving treatment at the Khmer-Soviet Friendship Hostipal in Phnom Penh.

  • Kingdom’s financial sector healthy

    Cambodia's financial sector remains on a sustainable growth path despite the Covid-19 pandemic squeezing crucial industries, National Bank of Cambodia (NBC) governor Chea Chanto said. Tourism, garments and footwear have borne the brunt of the Covid-19 impact, he said, whereas the financial and agriculture sectors

  • Vietnam told to remove border tents

    Kandal provincial governor Kong Sophoan has ordered local authorities to prohibit the construction of buildings in areas bordering Cambodia and to report any irregularities immediately. Recently, Vietnamese officials removed another seven tents from the border area with Cambodia. His remarks were made on Wednesday afternoon

  • Migrant workers set to return from Malaysia

    The Ministry of Foreign Affairs and International Cooperation confirmed on Thursday that 158 Cambodian students and migrant workers will fly home from Malaysia on Friday morning. This is the second flight to bring Cambodians home from Malaysia. A ministry notice said Malaysia Airlines Flight MH754 will