Australian money transfer company OFX has established its European headquarters in Dublin, with the operation to take over responsibility for European business and clients previously managed by its UK entity.
The establishment of subsidiary OFX Payments Ireland comes as the company targets the Republic and the rest of the EU for growth, and follows a 2018 decision to establish an office here.
The new headquarters will cover compliance, risk, finance, operations, and sales, with 15 jobs expected to be created to manage the European operations. Maeve McMahon was previously appointed as chief executive and growth leader for the region, and the company has already appointed key senior executives, including a head of risk and compliance, head of finance and operations, a finance and operations manager and several business development managers and executives.
“We are excited by the opportunities for growth in our business in Ireland and across the EU region. Establishing an office in Ireland is a key part of our strategy for growing in the region, and gives us an excellent base from which to manage our operations,” said chief executive of OFX Skander Malcolm. “OFX is about helping businesses access great exchange rates and trade across borders with ease. And we want to help businesses protect themselves and manage risk in their currency transactions. In the volatile environment we’re currently in this is even more important.”
Markets in Vienna or Christmas at The Shelbourne? 10 holiday escapes over the festive season
Ciara Mageean: ‘I just felt numb. It wasn’t even sadness, it was just emptiness’
Stealth sackings: why do employers fire staff for minor misdemeanours?
Carl and Gerty Cori: a Nobel Prizewinning husband and wife team
OFX is targeting businesses who trade across borders and consumers who send money overseas, offering an alternative to banks. It also offers currency risk management for SMEs to protect businesses that trade overseas from the volatile currency markets. OFX combines a self-service online platform with localised customer support available around the clock.
Founded in 1998 and headquartered in Sydney, Australia, OFX has eight offices worldwide and employs more than 650 staff.
The news was welcomed by Minister of State for Finance Seán Fleming. “These new positions are particularly welcome as the Government seeks to grow Ireland’s status as a global hub for fintech,” he said. “Ireland is a really attractive destination for financial services due in large part to our strong talent pool and expertise in the sector.”
IDA Ireland’s head of international financial services, Kieran Donoghue, also welcomed the investment by OFX. “As an innovative and fast-growing financial services company OFX will further enhance Ireland’s reputation as a location for financial services, technology, content and fintech companies from the Asia-Pacific region.”
