FairFX expands its services into South Africa

RNS Number : 5149A

FAIRFX Group PLC

08 June 2016

 

FairFX Group plc 

("FairFX" or "the Group" or "the Company") 

FairFX expands its services into South Africa

FairFX, the FinTech low-cost multi-currency payments service, has extended its international payments service into the domestic South African market through a tripartite agreement with Morgan West Ltd and Mercantile Bank.

Services providing foreign exchange into South African Rand (ZAR) to send into South Africa are widely available. Converting ZAR into other currencies for movement out of South Africa is more challenging and demands a local footprint, which FairFX now offers.

Under this new service, customers will have access to FairFX's telephone dealing desk, where a personal account management service will support them when transferring funds both to and from South Africa.

FairFX offers highly competitive rates in the ZAR market, which are significantly better than those of domestic banks. Someone transferring ZAR 500,000 could save up to ZAR 10,000 by using FairFX's service.*

In addition, through its tripartite agreement with Morgan West and Mercantile Bank, FairFX is able to provide a range of services to customers, including applications for foreign tax clearance certificates and special SARB approval support.

FairFX will now look to expand its presence in South Africa further through delivering a full-service offering, including currency cards.   

Commenting on the launch of its service, Ian Strafford-Taylor, CEO of FairFX, said: "With a large number of international businesses and people transiting to and from South Africa, FairFX has identified the country as an exciting growth market for its services. As with all the markets we operate in, we challenge and disrupt the traditional players by offering far more competitive and fairer rates, and more customer choice. We also envisage this strategic move to be a potential gateway into other parts of Africa as demand grows from businesses and travellers looking for more efficient money transfer solutions, and of course better value."

ENDS

FairFX Group plc Ian Strafford-Taylor, CEO	[phone]
Cenkos Securities plc Max Hartley/Callum Davidson	[phone]
Yellow Jersey PR Charles Goodwin / Aidan Stanley	[phone]

* Based on selling R500,000 buying Sterling through FairFX vs FNB at 12pm (SA) on 11th April 2016

About FairFX

FairFX is a leading international payment services provider, incorporated in the UK in 2005. The Company has developed a cloud-based peer-to-peer payments platform that enables personal and business customers to make easy, low-cost multi-currency payments in a broad range of currencies and across a range of FX products all via one integrated system. The FairFX platform facilitates payments either direct to Bank Accounts or at 30 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, SMS, wire transfer and MasterCard/VISA debit cards.

FairFX operates within the rapidly growing online multi-currency payments market and provides transactional services to both personal and business customers through four channels being Currency Cards, Physical Currency, FairPay and Dealing. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the FairPay and Dealing products support wire transfer foreign exchange transactions direct to Bank Accounts.

In addition, FairFX has entered into a number of "white-label" arrangements for the use of its P2P matching platform. Customers include easyjet, ThinkMoney and Pitney Bowes. FairFX has also partnered with Concur Technologies, Inc. a leading provider of integrated travel and expense management solutions with over 25 million users globally. Such relationships provide strong support for FairFX's customer acquisition strategy.

 

END

 

 

NRAUBARRNVANRUR