Foreign exchange platform levels global playing field for small business
Media release | 21 March 2017
Sydney fintech startup CurrencyVue has developed an affordable foreign exchange (FX) platform to help small-to-medium businesses (SMEs) manage currency exposure risks, with support from the NSW Government’s Jobs for NSW initiative.
Deputy Premier and Minister for Small Business John Barilaro said the platform, to be launched in mid-2017, connects directly to banking and accounting systems and comes as more small businesses want access to international markets particularly as they develop their digital presence.
“SME’s can be at a huge disadvantage when dealing in FX markets experiencing financial losses due to unpredictable market movements,” Mr Barilaro said
“Systems to manage FX dealings for big businesses can cost more than $50,000 a year which may not be affordable for many SMEs. CurrencyVue is targeting a global market for SMEs by providing an easy-to-use platform at a fraction of the cost.
“The company has been supported to develop and test its technology with a Minimum Viable Product (MVP) grant from private-sector led, NSW Government backed Jobs for NSW.
“The platform uses innovative cloud technology to provide some of the sophistication until now only really available to large institutional businesses to the smaller end of town. It’s another great example of how the NSW Government is supporting the thriving fintech industry in NSW,” Mr Barilaro said.
CurrencyVue chief executive Matthew Tyrrell said the MVP grant had been very helpful accounting for about 15 per cent of the cost of developing an initial prototype.
“SMEs need to understand and manage financial risks. For example, post-Brexit the British pound fell about 10 per cent against the US dollar, meaning an unhedged UK importer paying for USD goods would have added an extra 10 per cent cost overnight,” he said.
Jobs for NSW is a private sector-led, NSW Government-backed initiative to deliver on the Government’s priority of creating jobs.
It provides a portfolio of product and service offerings including grants, loans, loan guarantees and other forms of business support to accelerate new job creation.
For further information on how Jobs for NSW supports startups and fast-growing businesses visit https://www.jobsfornsw.com.au/how-we-help
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