9. Aira plans currency exchange JV
A LEADING global currency-exchange company is forming a partnership with Bangkok-based Aira Capital to operate a currency-exchange business in Thailand.
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.