Logo of Phnom Penh Post newspaper Phnom Penh Post - DeeMoney launches inbound Kingdom to Thailand service

DeeMoney launches inbound Kingdom to Thailand service

Content image - Phnom Penh Post
(Left to right) DeeMoney CEO Aswin Phlaphongphanich, Wing (Cambodia) Limited Specialised Bank CEO Jojo Malolos and DeeMoney managing director Rasmegh Srisethi. THE NATION

DeeMoney launches inbound Kingdom to Thailand service

Thailand-based international money transfer service DeeMoney has announced inbound service to Thailand from Cambodia, according to its press release.

A sizeable population of expats and local business owners in Cambodia are now able to access money transfer services and send money to Thailand faster and without paying hefty fees.

Thai nationals are among the top ten visitor arrivals to Cambodia with 382,317 recorded last year, according to the Thai Business Council in Cambodia.

The strategic partnership allows Wing (Cambodia) Limited Specialised Bank customers in Cambodia to remit transfers using Wing Money app to Thailand with a limit of up to $1,000 per transaction.

Recipients may receive funds in cash from any of the DeeMoney’s four branches in Bangkok or direct bank deposits in local currency. DeeMoney offers local support for tracking transactions using Wing’s transaction ID code.

DeeMoney is the financial services platform of SawasdeeShop Co Ltd. It continues to successfully leverage its omni-channel presence to disrupt the remittance market. Its transparent business model provides an effective alternative for customers who have used traditional informal channels to transfer money.

“We are committed to leveraging cutting-edge technology to improve our customers’ financial transactions. Our Thai and Cambodian customers stand to gain through this partnership. With both cash payout and bank credit options available, we strive for financial inclusion in the market”, said SawasdeeShop CEO Aswin Phlaphongphanich.

Wing CEO Jojo Malolos said the launch of inbound service from Cambodia marks another milestone in their partnership, and it also shows how Wing customers can do so much more via the Wing Money app, connecting Cambodians to the world.

“Through the convenience of Wing Money app, locals as well as expats residing in Cambodia are able to remit to Thailand anytime and the recipient can cash out at any DeeMoney branch or receive account credit at all banks in Thailand,” said Malolos.

The partnership represents two non-commercial bank entities joining hands to provide money transfer services to individuals and businesses in Cambodia.

“With DeeMoney Wing customers can access cash out and account credit modes for money transfers,” Phlaphongphanich concluded.

“Our API integration ability, competitive FX and fee structure makes us an ideal choice for anyone looking to remit funds to or from Thailand.” THE NATION (THAILAND)/ANN

MOST VIEWED

  • Ministry requests school opening

    The Ministry of Education, Youth and Sport on Thursday said it would request a decision from Prime Minister Hun Sen to allow a small number of schools to reopen next month. Ministry spokesman Ros Soveacha said if the request is granted, higher-standard schools will reopen

  • Kingdom eyes India FTA, China deal set for August

    Cambodia is studying the possibility of establishing a bilateral free trade agreement (FTA) with India to open a new market with the second-largest regional economy. This comes as an FTA with China is scheduled to be signed next month while similar negotiations with South Korea

  • Judge lands in court after crashing into alleged thief

    Sen Sok district police on Thursday sent a Koh Kong Provincial Court judge to the Phnom Penh Municipal Court on manslaughter charges after he crashed his car into a woman riding a motorbike on Wednesday, killing her. District police chief Hour Meng Vang told The

  • Preah Vihear court drops charges against villagers

    The Preah Vihear Provincial Court has dropped all charges against eight ethnic Kuoy villagers who were in a land dispute with the Hengfu Group Sugar Industry Co Ltd since 2014. Wednesday’s decision was made by the judge who tried the case on June 10. The eight

  • Gov’t to boost Siem Reap tourism

    The Ministry of Tourism released the results of an inter-ministerial committee meeting concerning Siem Reap province’s Tourism Development Master Plan for 2020-2035 on Wednesday, revealing the government’s plan to improve the overall tourist landscape there. The meeting was attended by Minister of Tourism

  • Residents ordered to remove structures on Phnom Penh’s canal

    Phnom Penh municipal governor Khuong Sreng has ordered authorities to act against the perpetrators who built houses along the Luo 5 canal in Meanchey district. The municipal administration plans to create a committee to solve the matter. The order was given on Wednesday while Sreng led

  • ‘On the offensive’: Cambodia to load up on loans to stimulate economy

    As the dust settles on the economy, Cambodia comes to grips with what needs to be done to turn the economy around, starting with a big shopping list for credit ‘We are going on the offensive,” Vongsey Vissoth, Ministry of Economy and Finance permanent secretary

  • Eighty replacement peacekeepers set for Mali mission despite Covid

    Eighty Cambodian blue helmet soldiers who completed the peacekeeping mission under the UN umbrella in Mali will return to Cambodia on Friday, said the Centre for Peacekeeping Forces spokeswoman Kosal Malida. “To protect their families and communities from the Covid-19 pandemic, the 80 are required to

  • Government set to make up for cancelled April holiday

    The government is set to make up for a five-day Khmer New Year holiday late this month or early next month. The holiday was earlier cancelled due to the onset of Covid-19. The announcement is expected on Friday as the government is studying a range

  • Families told to register for cash handouts

    The government has called on poor families to apply to commune authorities for evaluation to receive financial support during the Covid-19 crisis. A $300 million budget has been planned for implementation within a year. Ministry of Economy and Finance secretary of state Vongsey Visoth said this