Tour firm exits peak last month

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From Bangkok Post

Tour firm exits peak last month

The pandemic continues to ravage tourism operators as the number of tour companies withdrawing their licences reached its peak in December, while 65-70% of outbound agents closed indefinitely amid the tight border restrictions.

Around 10% of outbound operators gave up their licences with the Tourism Department, particularly after the resurgent virus hit local communities on Dec 15, said Suthiphong Pheunphiphop, president of the Thai Travel Agents Association (TTAA).

According to the Tourism Department, 2,598 tour operators quit the market permanently last year by returning their licences in order to get their guarantee deposits back.

According to the TTAA, there were around 1 million outbound Thai tourists who spent around 50 billion baht abroad in 2020, a nosedive compared to 11 million tourists with a total spending of 430 billion baht in 2019.

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Money changers explore related services

Money changer companies are exploring new foreign exchange-related businesses to seek new income sources after their businesses have been drastically affected by the pandemic.

SuperRich Currency Exchange (1965), a leading local money changer, has submitted an application for a money transfer and e-money licence with the Bank of Thailand and is awaiting regulatory approval.

The company is also in talks with the Securities and Exchange Commission (SEC) about the possibility of operating foreign exchange services for digital asset exchanges in Thailand, said Piya Tantivachayanon, SuperRich's president.

The company's foreign exchange volume has plunged to around 800 million baht per month compared with 9 billion baht registered before the crisis emerged.

In 2018, Mr Piya commented on the company's business opportunity in the digital asset realm, saying the company would "offer digital asset exchange [services] for travellers" and had plans to offer an e-wallet service, with a potential business partner helping to develop the technology.