Irish financial services company Fexco has announced plans to open a new regional headquarters in Singapore as it seeks to capitalise on the city state’s status as a global currency and fintech hub.
The Killorglin, Co Kerry-anchored fintech already has a strong presence in the region with bases in Hong Kong, Japan, Australia and the Philippines focused on money transfer, currency exchange and payment services.
In a statement, Fexco said it recognises Singapore’s “strategic importance” as a fintech and currency hub with the local digital investment sector primed for significant growth over the coming years.
“This is an important milestone for Fexco, as Singapore is a currency hub within a hugely important market for our omnichannel payment, currency and FX solutions,” said John Casey, VP of Asia Pacific for Fexco Group. “As markets recover post-pandemic, the significance of the country’s role as a dynamic strategic location and thriving payment partner ecosystem makes it an incredibly attractive location from which to launch our solutions in the POS [point of service], ATM, and ecommerce channels across the region.”
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On Monday, the group reported a fourfold increase in its operating profits to €14.5 million for 2022 as it recovered from a Covid-induced slump due to the collapse in demand for foreign currency exchange.
Transaction volumes increased due to the “resurgence” of global travel, Fexco said, and the roll-out of the group’s dynamic currency conversation platform at ATMs across the Latin America, Asia-Pacific and the Middle East.
Fexco said its currency conversion product’s global footprint has increased by 47 per cent since 2021.
