Wednesday, Jan 27, 2021
International Finance

Moneycorp licenced to be its fifth forex bank in Brazil

It is the second international banking licence for Moneycorp after the European licence it holds in Gibraltar

London-based Moneycorp which offers foreign exchange and global payment services has secured a banking licence in Brazil and becomes the fifth forex bank to provide its services in the South American country. This is the second international banking licence acquired by Moneycorp after its European licence in Gibraltar.

After acquiring the licence, Moneycorp will now focus on its corporate clients, especially the small size and medium-size enterprises. The licence also gives the company access to a network of 18 international banks.

Roberto Amaral de Almeida, CEO of Moneycorp told the media that, “Securing this licence is a crucial step forward in Moneycorp’s long term ambitions to lead growth in international payments and foreign exchange services across Latin America. Brazil has huge potential for domestic and international growth and that will require international investment. Securing a banking license transforms our market by allowing us to offer a variety of different products to local and overseas businesses.”

Earlier this year, Moneycorp completed the acquisition of Brazil’s Novo Mundo Corretora de Cambio. The deal, which was authorised by Brazilian President Jair Bolsonaro and also has regulatory approval from the Brazilian Central Bank, sees Moneycorp acquire 90 percent in Novo Mundo Corretora de Cambio.

Novo Mundo has an established presence across Brazil in cities such as Sao Paulo, Curitiba, Rio de Janeiro, Belo Horizonte, and Porto Alegre. It provides foreign exchange services such as international payments, banknotes, and Mastercard currency card services. The acquisition will help Moneycorp achieve its goal to expand globally.

Earlier, Moneycorp established its offices in North America and Hong Kong. It already has operations in Spain, France, Gibraltar, Romania, Australia, and Ireland. It provides hedging solutions and multi-currency payment accounts and handles around 5.2 million customer transactions every year.

In 2018, Moneycorp traded more than £35.5 billion in currencies from its wide range of businesses.

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