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OzForex Builds Global Currency Operations as Annual Transactions Top $1 Billion
Saturday, 08 January 2005
Australian foreign exchange specialist goes '24 hour' with new UK office
Appoints new managing director.
SYDNEY -- 1 August, 2005 -- One of Australia's fastest growing providers of online foreign exchange services - OzForex - is expanding its operations to include a new London office and the provision of a 24 hour global currency payments service, in response to continued strong demand for forex services by individuals as well as small and medium-sized companies across Australia, NZ and the UK.
The move coincides with OzForex celebrating a key milestone as annual forex transactions top the $1 billion mark.
To support the group's ongoing growth, OzForex is also expanding its Sydney-based team, announcing the appointment of Gary Lord - former Bankers Trust Managing Director and Head of Asian Foreign Exchange - as Managing Director. To be based in Sydney, Gary will be responsible for managing OzForex's expansion into overseas markets, as well as building OzForex's product suite and overseeing relationships with the group's banking partners.
Founder and Managing Director of OzForex, Matthew Gilmour, said he was delighted to attract such an experienced and high calibre executive who will play a crucial role in guiding the firm through its next growth phase.
OzForex was launched in April 1998 in a bid to provide smaller customers with better and cheaper foreign exchange services than the big banks. The Sydney-based company now operates in the Australian, UK and NZ markets and has become one of the world's leading online foreign exchange services, with over 300,000 visitors per month and more than 11,000 transacting customers globally.
"We're excited to have reached the $1 billion mark in terms of annualised currency transactions handled, and believe our physical presence in London will contribute significantly to growth above and beyond this substantial base," Mr Gilmour said.
OzForex has attracted a strong following in the UK market through its relationships with key expat hubs such as InLondon.com. The new London office will be headed by Andrew Porter, OzForex's Manager, Corporate Business.
The UK market is the base for an estimated 60,000 import/export businesses, which will form the core target market for the group. Plus unique to the UK market is the trend for a substantial number of residents to buy and sell homes outside the UK, with overseas home-owners in the UK estimated at more than one million.
"On top of the 500,000 or so expats in the UK who need to bring money home with them, we will be maintaining our aggressive approach of offering the lowest exchange rates and the best service to SMEs and sophisticated individuals who want more than the basic forex deal offered by the banks," Mr Gilmour said.
"Through this approach we have built a thriving business in Australia with excellent customer retention and strong word of mouth referrals. This growth is in part driven by our major competitors overlooking the smaller clients in their pursuit of those with much larger turnover."
For further information go to www.ozforex.com.au or contact Philippa Honner, Honner Media, 0407 939 543 or philippa@honnermedia.com.au.