FAIRFX Group PLC FairFX expands its services into South Africa
June 08 2016 - 2:01AM
RNS Non-Regulatory
TIDMFFX
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 +44 (0) 20 7778 9308
Cenkos Securities plc
Max Hartley/Callum
Davidson +44 (0) 20 7397 8925
Yellow Jersey PR
Charles Goodwin / Aidan
Stanley +44 (0) 7747 788 221
* 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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