Moneycorp grows FX business via Gibraltar licence

UK foreign exchange provider Moneycorp has obtained a bank licence in Gibraltar, which it has said will enable it to expand deeper into other European markets as part of its business development strategy.

The licence approval from the Gibraltar Financial Services Commission will see Moneycorp Bank, based in Gibraltar, start operations by May. It will hold deposits in multiple currencies, serving corporate and private clients.

the FX provider’s latest expansion comes after it last year acquired a minority stake in Brazilian peer Novo Mundo Corretora de Câmbio. Earlier in 2015 it opened an office in France to serve property investors and cross-border businesses.

Nick Haslehurst, CFOO of Moneycorp Group, said: “Moneycorp is making solid progress in establishing itself as a leading FX and international payments specialist, in overseas markets as well as the UK. The acquisition of a bank licence is a major step in this journey. It will enable moneycorp to continue its controlled growth within our existing international markets but also support expansion into new markets with stable economies and strong cross-border payments.”

Haselhurst added that the upcoming referendum on the UK’s membership in the EU would not upset the company’s plans.

“We believe there will be a need for moneycorp’s services whatever the outcome of the EU Referendum. It is a democratic decision and we have employees and customers with a wide range of views. Moneycorp has customers in the UK and Europe, and we will adjust to either circumstance.”



Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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