Moneycorp pushes into Dubai with First Rate FX completion

As part of the acquisition, moneycorp intends to establish a representative office in Dubai International Financial Centre ("DIFC") which will be licensed by the Dubai Financial Services Authority.

First Rate FX, a specialist broker with a 13-year history in foreign exchange, which completed over 20,000 transactions between 2016-17, will relocate from Canary Wharf to moneycorp’s headquarters in Victoria. The firm’s Dubai office will also be rebranded under the moneycorp brand, appealing to the over seven million foreign expats in the UAE, many of whom will be familiar with moneycorp and the value it delivers for clients.

moneycorp intends to provide a full FX suite to customers in Dubai, with a focus on payments, FX spot contracts and other foreign exchange risk management products. Customers will also benefit from moneycorp’s state-of-the-art international payments platform and its specialist customer service.

This news follows a period of exceptional international growth for the Moneycorp Group, having recently announced the completed acquisition of US-based corporate international payments business, Commonwealth Foreign Exchange, Inc and the completion of a 42.5% shareholding of Brazil-based FX provider, Novo Mundo.

In the UK, moneycorp has also recently launched a partnership with Sainsbury’s to provide customers with a new international money transfer service.

Nick Haslehurst, CFOO of moneycorp said:
“The completion of the First Rate FX acquisition is a milestone in moneycorp’s growth strategy. Not only do we benefit from a fantastic UK based operation, but the establishment of a presence in the DIFC is a significant step forward for us internationally.”

“moneycorp recognises that the UAE is an area of huge importance for Private and Corporate clients in terms of foreign exchange and international payment requirements. We expect that our services and products will be taken up with huge success across the market.”