Foreign exchange group helps operators
The Association of Foreign Currency Exchange is helping moneychangers prepare for regulatory liberalisation under the upcoming Asean Economic Community (AEC).
Chanaporn Poonsuphirun, chairwoman of the association, said yesterday that local foreign-exchange operators would fall behind if they could not adjust to the liberalisation. She noted that Thailand was well placed to be the financial hub of the Asean region if local operators are well prepared.
Local foreign-exchange businesses are disadvantaged in terms of human resources and efficiency, so the priority of the association is to improve skills and develop information technology to tackle counterfeiting.
She said the association would raise the image of local foreign-exchange operators and restore the confidence of their Thai and foreign customers.
Of the 1,217 foreign-exchange operators in the country, about 40 have joined the association. It expects 500 more to apply for membership next year.
Apichai Susamakulvong, director of the association and president of Super Rich Thailand, the leading local foreign-exchange operator, said members should know the regulations of the money market and undertake good practices to build up their image in the eyes of foreigners. All outlets must have signs with current exchange rates.
The next step for the association is to brainstorm on setting up standard exchange rates, but this is not easy because each operator has different costs, he said. Operators should not take advantage of customers, especially foreigners.
Apichai said all moneychangers had licences from the Bank of Thailand, which are meant to guarantee good service. However, the association will help strengthen services to increase competitiveness ahead of the AEC.
Super Rich Thailand has only one branch, which allows it to lower the cost of operations so it can offer better rates than its competitors. The spread at Super Rich is 3-5 satang against the US dollar.
He said the volume of yuan exchange this year showed outstanding growth due to the increasing numbers of Chinese tourists. Yuan this year accounted for 10 per cent of total currency exchanges. However, the US dollar remains the major foreign currency exchanged in Thailand.
