These trends are music to the ears of Skander Malcolm, CEO of online foreign currency exchange and international payment services company OFX Group.
“With the growth of online marketplaces ecommerce merchants are using digital to expand and to access global markets,”Malcolm says.
“Solutions that support global business are on the rise and OFX is enabling ecommerce merchants to be globally active.”
ASX-listed OFX is based in Sydney and has offices in London, San Francisco, Toronto, Auckland, Hong Kong and Singapore.
Although technology is reshaping global consumer trends, and fintechs like OFX are disrupting the payments industry,Malcolm says that OFX is much more than a digital payments platform.
“Service is the differentiator in OFX’s business model,” he says.
“OFX combines a streamlined digital experience and expert personal service so that customers can transact across borders when, where and how they want.”
Their client base comprises three core groups: Individuals (accounting for 50 per cent of OFX’s business), SMEs and mid-tier corporates (45 per cent) and large enterprises (5 per cent).
OFX’s business model includes a focus on locally-based support centres. The biggest centre is in Sydney, staffed by 80 “customer service agents”, followed by San Francisco (25), London (25), Toronto (15) and Hong Kong (10).