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

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • More Cambodians studying in US

    The number of Cambodian students studying at US colleges and universities in 2020-21 increased by 14.3 per cent over the previous year despite the Covid-19 pandemic, according to a recent US government report. The 2021 Open Doors report on International Educational Exchange showed that 848 Cambodian students studied

  • Banteay Meanchey gunfight sees 15 Thais arrested, three officers injured

    The Banteay Meanchey Military Police have arrested 15 Thai suspects and their accomplices after a gun battle between two Thai groups caused injuries to three police officers in the early hours of November 21, local authorities said. National Military Police spokesman Eng Hy said that according to

  • PM: Do not defile Tonle Sap swamp forest or else

    Prime Minister Hun Sen ordered police to arrest anyone – including government officials – involved with the deforestation of the flooded forests surrounding the Tonle Sap Lake because it is an area important to the spawning of many species of fish, among other reasons. Speaking in a