MTFX partners with Crown Agents Bank to expand access into Africa and other emerging markets
Published // 5th October 2020
- Increasing payment and foreign exchange capabilities into emerging markets, in particular Africa
- CAB’s strategic partnership with leading foreign exchange and global payments company, MTFX will enable faster delivery of emerging market FX supported by the bank’s strong infrastructure and extensive network
London, United Kingdom, 5th October 2020: Crown Agents Bank Ltd. today announces that it is joining forces with MTFX Group, a Canadian based foreign exchange and global payment solution provider, to expand the companies access across emerging markets and Africa. This strategic partnership will provide MTFX’s vast client base increased ability for moving money across Africa and access to exotic foreign exchange currencies.
Crown Agents Bank will provide MTFX with reliable liquidity across emerging market currencies, particularly in African markets, to ensure fast, safe and secure settlement. The bank’s broad access to local correspondent banks, combined with competitive FX pricing across the emerging markets, will make it a cost-effective and faster solution for MTFX’s corporate, SME, education sector and Non-Governmental Organisation (NGO) clients.
In addition to the FX capabilities, MTFX will also be leveraging Crown Agent Bank’s digital payment rails, delivering payments to MTFX’s client’s beneficiaries locally. MTFX Group is one of the largest foreign exchange and global payment solution providers, spanning across multiple industries in almost every business category.
Crown Agents Bank has been operating across emerging markets for nearly two centuries. It has a growing portfolio of Non-Banking Financial Institution and fintech clients, particularly over the last few years of accelerated digital transformation.
David Bee, Head of Client Coverage and Markets at Crown Agents Bank, says, “Moving money across emerging markets has been our specialism for decades. It’s exciting for us to work with technology-led businesses like MTFX and expand their access into our core markets. Our network, FX liquidity and digital payment rails, make us a vital partner for many banks, Non-Bank Financial Institutions, and International Development Organisations. Players such as MTFX who prioritise transparency and value for their clients as much as we do are always desirable partners.”
Arif Harji, Director, Chief Market Strategist, MTFX Group, comments, “Our core focus is providing fast, competitive and secure ways to send money internationally paired with our industry leading 24/7 customer service. Partnering with Crown Agents Bank will bolster our capabilities in emerging markets and enable us to offer more reliable and faster settlement to our clients. Combining their network and liquidity with our world-class online platform means international payments will be even easier.”
About Crown Agents Bank:
Crown Agents Bank is a financial service partner of choice for many governments, development organisations and regulated financial services businesses. We act as a preferred payment and FX intermediary facilitating the delivery of money into some of the fastest growing economies in the world. With our help, our customers overcome challenges which can include illiquid FX markets or the complex process of ‘last-mile’ delivery across bank and emerging forms of non-bank payment rails.
About MTFX Group:
MTFX Group is a leading provider of integrated cross-border payments and receivable solutions. As a trusted partner for more than 24 years, MTFX Group delivers innovative solutions and processes billions in payments yearly. MTFX Group offers award-winning capabilities and industry leading technologies in just about every business category. We support our clients with end-to-end multilingual customer support and online payment tracking capabilities that are available 24/7. As a proven payment disruptor, we are flexible and responsive, with offices and applicable licensing and regulatory approval in the United States and Canada.