Superrich Thailand investing in further branch expansion, infrastructure improvement

The plan is expected to help increase revenue by 30 per cent this year.
“This strategic move aims to cash in on an opportunity for tremendous growth in the currency-exchange market, whose size is poised to multiply from the government’s efforts to stimulate the economy and tourism, as well as from full implementation of the Asean Economic Community early this year,” Thanattzalin Susamawathanakun, managing director for corporate development of Superrich Thailand, said yesterday.
Started last year, the overhaul is by far the biggest move in the 50-year history of the currency-exchange service provider.
 Since a new generation of management leaders took office, the company has turned its focus more on investing in human-capital development, upgrading technology, strengthening its brand position and giving value-added service to customers.
With the additional Bt50 million in registered capital, she said the company would open nine more branches by the end of this year – taking the total to 20 – upgrade its infrastructure, and hire another 20 to 30 staff.
Sittharmanin Susamawathana-kun Poonsapmanee, the company’s managing director for business development, said the new outlets would be built in prime locations in Bangkok to serve increasing demand from both local and international travellers.
Superrich Thailand currently operates 11 branch offices in the capital’s central business district, tourist destinations, shopping centres and international airports, which help it reach out to a broad range of customers amid fierce competition both from new players and existing ones that want to open more outlets.
“When going to the Bank of Thailand for renewal of our licence to operate a currency-exchange service, we witnessed a tremendous increase in the number of new applicants seeking permission to run this type of business. I would say that last year saw at least a 24-per-cent surge in the number of new players.
This also stimulated the currency-exchange market in the Kingdom to increase by 12 per cent to Bt337 billion last year,” Thanattzalin explained.
In line with the fast-growing sector, the company recorded 109-per-cent growth in annual trading value to Bt48 billion last year, largely the result of aggressively expanding via new outlets across the country, she added.
 Meanwhile, the company targets growth of at least 30 per cent this year, mainly driven by the opening of more new branches, while also aiming for an increase in market share.
To differentiate its service from the more than 1,600 other players in the market, Superrich Thailand offers value-added service and privileges to member customers by exclusively partnering with major companies related to tourism business, such as King Power, ATT Skybox, Samurai Wifi, Bangkok Sea Life and Madame Tussauds.
Apart from this customer service, the company claims to offer the best rates in foreign currency exchange.