The move is part of its plan to make SuperRich a global brand after 50 years of operating in Thailand.
President Piya Tantivachyanon said the company will join hands with Thais in Britain to open the first SuperRich branch over there, targeting Thai students.
It expects to have 1,000 Thai students studying in Britain per year and each of them will use about £20,000 annually.
“We chose to open our first international branch in Britain because it's an important destination for Thai students,” he said.
SuperRich is in talks with commercial banks in Thailand to get information about regulations on the money exchange business in Britain.
If all goes well, the company expects to start its money exchange business in Britain by the end of the year.
“Having a presence in Britain is the first step in building our brand as an international one. SuperRich is famous enough to gain customers’ trust and confidence because we have been in the money exchange business in Thailand for a half century,” Mr Piya said.
Apart from expanding into Britain, SuperRich also plans to double the number of domestic branches to 40 within the next decade. Each requires an investment of B2 million.
The company now has 19 branches in Thailand including Bangkok, Phuket and Khon Kaen.
The source of funds to support the expansion will come from the company’s partnership with Aira Capital Securities.
Mr Piya said the expansion aimed to increase competitiveness in the market, which will be more intense.
Moreover, the Thai tourism industry has fully recovered and the number of foreign tourists is on the rise. With the advent of the Asean Economic Community by the year-end, the tourism business will get a boon and demand for money-exchange services will eventually increase, he said.
Mr Piya expressed concern that after Asean becomes a single market, many new money exchange players will enter the Thai market with a lot of capital. He said he wanted the government to relax currency exchange regulations to increase the competitiveness of Thai companies who provide this service.
Read the original report here.