Aira plans currency exchange JV

The partnership will be officially announced next month, according to Aira Capital chairman and chief executive Nalinee Ngamsettamas. She declined to name the foreign company.

Aira Capital – a listed holding company for both financial and non-financial businesses – earlier said it had talked with Bangkok-based SuperRich International Exchange (1965) about a possible partnership for a currency-exchange business. However, Aira Capital ended the talks following a lack of progress. Aira Capital plans to register Bt200 million in capital for the joint venture.

Nalinee said the foreign company wanted to form the partnership because many foreign tourists were familiar with the Aira brand.

Aira is applying for a currency-exchange licence from the Bank of Thailand.

Nalinee said that under the joint venture prepaid cards would be issued and customers could use the cards to exchange currencies at cash automation machines. The company plans to service at least five foreign currencies at the machines. 

The aim is to place the machines at the branches of A Money, a consumer-finance arm of Aira & Aiful, a joint-venture e-company with Japan-based Aiful Corporation.

“We will talk with Aiful about the possibility in placing cash automation machines at A Money branches,” Nalinee said. “Perhaps we can collaborate with A Money in allowing A Money customers to use cash cards to exchange foreign currency at the machines, with this another model of financial technology.”

The joint venture will be Aira Capital’s ninth business. 

Aira also plans to expand into wealth management and has been in negotiations with a foreign company to do this for four years. The wealth-management business is expected to be finalised next year, Nalinee said.