Anil Sawrup is the Chief Executive Officer of Monex Canada, bringing over two decades of experience in financial services. A dynamic leader with a proven track record, Sawrup has successfully driven organisational growth and transformation throughout his career.
Prior to his role at Monex Canada, he held senior leadership positions at top financial institutions, including Cambridge Global Payments, where he served as Senior Vice President, Managing Director, and Chief Commercial Officer. There, he led strategic initiatives that significantly expanded the company’s regional footprint and positioned it for rapid growth.
Most recently, Sawrup was Head of Sales (Americas) at Moneycorp, where he reshaped the company’s sales operations and optimised market strategies across North America. Known for his growth-focused approach and expertise in competitive market dynamics, Sawrup continues to lead Monex Canada with a vision for innovation, efficiency, and expanding the company’s market presence in the financial sector.
In an interview with International Finance Magazine, Anil Sawrup, the Chief Executive Officer of Monex Canada, discusses the company’s financial strength and governance. He also elaborates on the FX solutions available, the security measures in place to protect client data, and various other topics.
How does Monex Canada differentiate itself from other companies in the commercial foreign exchange market?
At Monex Canada, we set ourselves apart through a combination of client-centric service, advanced technology, and a deep understanding of market trends. While some of our competitors may rely solely on automated solutions, we pride ourselves on offering a more hands-on approach, offering our clients tailored advice from experienced currency specialists, ensuring our clients not only receive the best rates but also strategic insights to help mitigate risk. What also makes us unique is our global reach, supported by our parent company, Monex Group, which allows us to leverage a vast network and liquidity, providing competitive pricing and enhanced execution capabilities. Furthermore, our commitment to transparency and innovative solutions, such as our proprietary risk management tools and currency hedging products, positions us as a trusted partner for businesses navigating the complexities of international payments and currency fluctuations.
What types of clients does Monex Canada typically serve, and what unique needs do they have?
We work with a diverse range of clients, from large corporations and financial institutions to private equity firms and growing SMEs, across industries like manufacturing, import/export, retail, and professional services. Each client has unique needs that revolve around mitigating foreign exchange risk and improving their overall financial efficiency.
Take importers and exporters, for example; they require precise timing and cost certainty in their international transactions to protect their margins from fluctuating exchange rates. Financial institutions depend on us for liquidity and seamless execution to hedge their portfolio risks. Then some SMEs often lack the resources of larger firms, so we provide the flexible solutions and personalised support they need to navigate the complexities of currency markets.
How does the financial strength and governance of the Monex group impact its operations and client offerings?
The financial strength and governance of the Monex Group provide a strong foundation for Monex Canada’s operations and greatly enhance our client offerings. Being part of one of the largest international FX specialists means we greatly benefit from robust financial backing and global liquidity. This allows us to offer highly competitive pricing across the board, even for large and complex transactions. But it’s not just about rates for our clients – It’s the confidence in knowing they’re working with a partner that’s stable and reliable, particularly during periods of market volatility.
Not only that, but Monex Group’s governance standards, driven by a global framework of regulatory compliance, risk management, and operational excellence, ensure that Monex Canada operates with the highest levels of transparency, security, and accountability. Our commitment to governance not only protects our clients but also enables us to provide forward-thinking, compliant solutions in an ever-evolving regulatory landscape. Ultimately, the strength and governance of Monex Group empower us to deliver best-in-class services, supporting businesses in confidently achieving their international growth objectives.
Can you explain the various FX solutions Monex Canada provides and how they help mitigate currency risk for businesses?
Here at Monex Canada, we offer a wide range of FX solutions tailored to meet businesses’ unique needs and help them navigate and mitigate currency risk in today’s volatile markets. Our core solutions include spot transactions, forward contracts, and currency options.
For businesses needing to settle immediate payments, we offer spot transactions with competitive pricing and fast execution to ensure clients can manage their day-to-day foreign exchange needs seamlessly.
We also offer forward contracts, which allow businesses to lock in exchange rates for future transactions, enabling them to hedge against currency fluctuations. By fixing rates in advance, companies can safeguard their margins and protect themselves from adverse currency movements that could impact profitability.
For clients looking for flexibility, we provide currency options that allow businesses to protect against downside risks while still benefiting from favourable rate movements. This is especially valuable for companies that operate in highly volatile markets.
To address these needs, our experts at Monex Canada provide our clients with customised currency risk management strategies, competitive exchange rates, and innovative payment solutions that allow businesses to operate globally confidently, reducing volatility and safeguarding profitability.
What are the process and benefits of using FX forward contracts for businesses?
First, we discuss the currency pair, the amount, and the future settlement date for the forward contract. This locks in the exchange rate for a specific date or over a range of future dates.
Then, the exchange rate is fixed for the future transaction. This means the business knows the exact amount they will pay or receive in their local currency, regardless of market fluctuations.
When the contract reaches its maturity date, we deliver the agreed-upon currency at the previously agreed rate, completing the transaction. This gives the business financial certainty and protects it from market volatility.
From a benefits perspective, businesses are protected from unfavourable currency movements, helping them avoid unexpected costs and preserve their margins, especially when dealing with large, cross-border transactions or long-term international contracts. By locking in exchange rates, companies can accurately forecast their cash flows and budget for future expenses or revenues without worrying about currency fluctuations.
How do market orders, limit orders, and stop-loss orders work, and what advantages do they offer?
A market order executes a currency transaction immediately at the current market price, ensuring quick completion. This is ideal for time-sensitive payments or when clients want to secure the current rate without delay.
A limit order allows clients to set a target exchange rate for buying or selling. The order is only executed when the market reaches the specified rate, helping businesses maximise profits or savings without constant monitoring. This is particularly useful in volatile markets or when timing is not critical.
A stop-loss order protects against unfavourable market shifts by setting a minimum exchange rate. If the market drops to or below this level, the order triggers, preventing further losses. This tool provides a safety net in uncertain environments while still allowing clients to benefit from positive movements.
These tools help businesses manage currency risk effectively by automating transactions based on predefined conditions, reducing the need for active market monitoring. With better control and flexibility, clients can focus on core activities, take advantage of optimal exchange rates, and improve financial performance in international markets.
How does Monex Canada utilise technology to enhance its FX services, particularly in the context of its online platform and Monex Pay?
Monex Canada leverages advanced technology to provide a seamless, secure, and efficient experience for our clients through our online platform. Our online platform is built with tools that simplify every step of the process—from analysing market trends to executing transactions and managing risks.
Through our online platform, clients have access to live exchange rates and up-to-the-minute market insights, enabling them to make informed decisions quickly. This is especially valuable for businesses managing multiple currencies or operating in volatile markets.
Our platform also allows clients to schedule and automate payments, ensuring they meet their cross-border obligations on time. Clients can manage their transactions effortlessly, whether it’s a single payment or batch processing. Through our platform, clients can set up market orders, limit orders, and stop-loss orders to automatically execute transactions based on predetermined criteria. This automation allows businesses to capitalise on favourable exchange rates and protect themselves from market volatility without constant oversight.
Our clients can access detailed reports and transaction history, giving them better visibility and control over their FX activities. The reporting tools also help businesses with financial planning, forecasting, and compliance requirements.
What kind of support does Monex Canada provide to clients using the Monex API for their payment processes?
We are dedicated to ensuring our clients have everything needed for seamless API integration and usage in their payment processes. Each client is assigned a dedicated team to assist from initial consultation to testing and deployment. We provide detailed technical documentation outlining connection, authentication, and various payment functions, guiding clients every step of the way.
Scalability is a priority, as we recognise that different businesses have unique and evolving needs. Our team customises API functionality based on specific requirements, such as currency pairs and payment methods, while ensuring our APIs can handle increasing transaction volumes without infrastructure concerns.
For technical support, our team is available for troubleshooting, updates, and optimisation. We proactively monitor API performance and provide notifications and resolutions for any issues to minimise downtime. Our APIs adhere to the highest security standards, including data encryption and secure authentication, to protect client transactions and sensitive information.
Lastly, we actively listen to client feedback and stay updated on industry trends to ensure our API solutions remain current. We regularly release updates to enhance functionality, equipping our clients with the latest tools to thrive in today’s dynamic financial landscape.
How does Monex Canada ensure the security of sensitive data and payment instructions for its clients?
Security is non-negotiable for us. We take a multi-layered approach to protect our clients’ information throughout the transaction process. Our commitment begins with end-to-end encryption, ensuring that all data transmitted between clients and Monex Canada is securely protected. This means sensitive information, such as payment instructions, is rendered unreadable while in transit.
We also safeguard client data stored within our systems through at-rest encryption, preventing unauthorised access. To enhance security further, we implement multi-factor authentication (MFA) for all users accessing our online platform, requiring both a password and a second verification method.
Access to sensitive information is restricted based on user roles, limiting exposure to only those individuals authorised to handle it. Our APIs feature built-in security measures like secure token-based authentication and encrypted communication channels, while our online platform incorporates session management, encrypted logins, and timed logouts to protect client accounts.
We adhere to strict global standards, including GDPR and AML regulations, to ensure the secure handling of client data. Continuous system monitoring and advanced threat intelligence tools allow us to detect and respond to potential threats in real-time. By implementing these stringent measures, we build trust and deliver reliable services to our clients at Monex Canada.
How does the team at Monex Canada stay updated on regulatory changes that affect its operations and client offerings?
Our team also ensures that the API adheres to the highest security standards, including data encryption and secure authentication, to protect client transactions and sensitive information.
Finally, we listen carefully to the feedback of our clients and stay on top of industry trends to ensure our API solutions are always up-to-date. We regularly release updates to enhance functionality and ensure our clients are equipped with the latest tools to stay ahead in today’s rapidly changing financial landscape.
What innovations or improvements do you foresee for Monex Canada in the coming years, especially in relation to FX solutions and technology?
We are continually innovating to stay ahead of market trends and provide enhanced solutions that meet the evolving needs of our clients. We foresee critical growth areas in technology integration, client experience, and expanded FX solutions.
For example, we are investing in our digital platform to offer advanced, automated tools for managing FX needs, such as AI-powered forecasting tools for accurate market predictions and automated hedging strategies that optimise currency risk management in real time. We also plan to introduce smart contracts via blockchain technology for transparent and secure cross-border transactions, reducing settlement times and operational risk.
Our enhanced API offerings will enable clients to seamlessly integrate these FX solutions into their systems, featuring flexible payment options, multi-currency account integration, and improved reporting capabilities. This will automate payment workflows and real-time risk management, simplifying strategy adjustments as market conditions change.
Recognising the unique challenges SMEs and businesses in emerging markets face, we are developing cost-effective tools, including low-cost micro-hedging products for smaller businesses to protect against currency volatility without large contracts.
Finally, we are building strategic partnerships with fintechs, banks, and payment processors globally, expanding our payment networks for faster cross-border transfers and localised FX solutions tailored to specific regions and industries.