There’s a story behind every transfer: The Happy Prawn Co.
Meet Rosida and Azher
Growing up in a traditional prawn farming community in Indonesia gave Rosida a deep understanding of the natural ecosystem around her and the importance of getting a fair price for farmers. This laid the foundations to create a business focused on a better way to farm prawns.
Years later, in 2014, Rosida and her husband Azher formed The Happy Prawn Co., an ethical and sustainable producer of Indonesian prawns, now supplying the UK market.
Protecting the environment and local farmers is top of the list for The Happy Prawn Co. Local fisherman catch the wild broodstock (mother tiger prawns carrying eggs) by placing small nets along the bay. Then they are sent to the hatchery for spawning before returning the broodstock to the sea unharmed.
The hatched eggs are then carefully grown over the next 25 days and then sent to ponds at the prawn farms where they live a happy life for 110 days. The ponds are spacious, lined with lush mangroves, and they feast on naturally occurring foods. There’s no antibiotics, chemicals or artificial feed anywhere in sight – just the pond’s natural biomass and those mangroves, which balance the pond’s eco-system and in turn, help the prawns grow bigger and stronger. All these steps are owned and managed by the prawn farming community.
Rosida’s strong ties to the community and a sense of fairness ensures everyone is paid for their hard work. They invest back into the community to protect Indonesia’s diverse wildlife. Working with local NGOs they’ve planted 300,000+ mangrove seedlings and have a target for 1 million. Rosida also supports projects like The Sumatran Rhino Sanctuary, The Borneo Orangutan Survival Foundation, and The Bali Sea Turtle Society.
As with all business, managing trade in today’s global marketplace can be complex. So, having a solid understanding of the businesses cashflow position and currency risk exposures is key. That’s why Azher works closely with Alex, an OFXpert, who helps them move money globally.
Rate fluctuations have a knock-on effect on the business. Shipping costs, suppliers, and the farmers need to be paid in US dollars. By working with an OFXpert, The Happy Prawn Co. has been able to make informed decisions about when to transfer and even use Forward Contracts which allow you to secure today’s rate for delivery in the future.
Fast transfers are also important. “Press the button. Away it goes. And I get an email from Alex saying thank you”. Azher needs to move money quickly and easily to meet orders, whether that means jumping onto OFX’s online platform or speaking with an OFXpert.
The Happy Prawn Co. has been working with OFX for over 6 years. “Fair rates were what first attracted me to OFX. But it’s not just about the rates. It’s the real people that give real help and care about you and your business.” It doesn’t stop there. The Happy Prawn Co. is growing and would like to have a wider global reach within the next 5 years. We’re excited to support Rosida and Azher on that journey. We’re real people here to help our clients every step of the way.