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December 19, 2006

Custom House and GSB launch foreign exchange pilot

Canada-headquartered foreign exchange firm Custom House has launched the first phase of an online foreign exchange project with Thailand's Government Savings Bank.

By CBR Staff Writer

The Government Savings Bank (GSB) has launched the new foreign currency transfer service in 13 currencies. To begin with, the GSB will provide this service as a pilot project at two branches, namely its Pahonyotin (head office) branch and the Service Section of the Consulate Department.

During 2007, the bank intends to upgrade its foreign currency exchange services and expand them to more areas throughout the country. Foreign currency transfer services will be opened at 32 additional branches in Metropolitan Bangkok and suburbs, while foreign currency exchange services will be increased by another 15 branches throughout the country.

These services will be facilitated through Custom House’s multiple payment internet money transfer system, which the company designed to meet the bank’s specific requirements.

This is the beginning of a great partnership in which we bring industry expertise and the Government Savings Bank brings local market excellence, commented Peter Gustavson, FCA, president and CEO of Custom House.

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