Local Forex Intermediary ForexPeople Partners With Investec
Local Forex Intermediary ForexPeople Partners With Investec. ForexPeople, one of SA’s largest FX intermediaries, recently announced a new partnership with Investec. “Up to now, we have focused purely on FX,” says Richard Beddow, CEO of ForexPeople. “Now, with Investec as a partner, we are able to offer our clients a broader product range that includes money market products and trade finance.”
“By aggregating our 450-plus clients’ FX volume, we are now in a position to source them the best rates from two banks (Capitec and Investec) and can leverage the relative strengths of each bank to the benefit of the client. For instance, the exchange-control team at Investec is very strong and is used to dealing with complex transactions. Our clients will also benefit from more diverse options, especially when it comes to tailored hedging, money market and finance products.” Beddow added. Clients will still transact through ForexPeople as their single point of contact, cutting out the need to deal with multiple banking partners for their FX, money market and finance needs.
FX intermediaries have been in existence for over 20 years, assisting individuals and SME importers and exporters not only with their FX transfers, but also in hedging against currency fluctuations. With FX markets having changed dramatically over that time, and in particular, with Banks increasingly pushing their clients towards utilising online platforms and call centres, coupled with increased Rand unpredictability, SME importers have sought more tailored support with regard to their FX dealings, including advice on how to protect their businesses against adverse forex market movements.
“Not only has the rand become more volatile, but SA businesses have increasingly switched away from manufacturing to importing finished products, driven mainly by challenges around electricity, labour, etc. – so these businesses now have a new business risk to manage. The move improved efficiency for simpler tasks, but when a customer needs advice or has a complex situation that they need to discuss, they run into difficulties,” Beddow explains.
