OFX (company)

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OFX Limited
Public
Traded as ASXOFX
Industry Financial Services
Foreign Exchange
Predecessor OzForex
Founded 1998, Sydney, Australia
Headquarters Sydney, Australia
Key people
Steven Sargent (Chairman)
John Alexander "Skander" Malcolm – (CEO and Managing Director)
Increase A$14.6 million (2015) [1]
Number of employees
250
Subsidiaries
Website ofx.com

OFX, previously known as OzForex is an Australian online foreign exchange and payments company with headquarters in Sydney. The company provides money transfer services to Travelex, MoneyGram, Xero, ING Direct, and Macquarie International Money Transfers as well as individuals such as migrants and expatriates and small businesses.

OzForex was started by Matthew Gilmour in 1998 while working as the head of foreign exchange at Bankers Trust.[1] Controlling interest in the company was sold to Australian investment bank Macquarie Group in 2007 and partial interest to other investors in 2010. It operated a number of different territory specific brands that include UKForex, CanadianForex, NZForex, USForex as well as ClearFX and Tranzfers before a brand consolidation to OFX starting in 2015.

History[edit]

Since OzForex was founded in 1998,[2] it has grown from being an Australian-based foreign exchange information website to a specialist international payments service provider with a strong presence in Australia, the United Kingdom, Canada, the United States and countries in Europe and the Asia Pacific.

Matthew Gilmour launched the company in 1998 in Sydney, Australia. In 2001 the company launched its first online money transfer facility.[2] In 2003, the company launched a New Zealand specific brand called NZForex and a general brand called Tranzfers.com.[3] That year it also obtained an Australian Financial Services License, AFSL.[4] In 2003, the company launched the UKForex brand in London.[5]

In 2004 Matt sold part of OzForex to Gary Lord an ex BT colleague and in 2005 sold again so that both were equal shareholders and they became Joint MD's

In 2007, Macquarie Bank purchased 51% of OFX and Neil Helm became CEO[6][7][8] That same year it also launched a Canadian brand called CanadianForex in Toronto, Canada.[9]

In 2009, OFX began offering a platform for international money transfers through ING Direct.[10]

In 2010, it launched the brand ClearFX.[11] The same year the group received minority growth investment from Accel Partners and The Carlyle Group. Representatives from both Accel Partners and Carlyle serve on the OFX Board of Directors. The Company's founders and Macquarie Private Wealth, which is part of Macquarie Group, together retained significant ownership of OFX, with Neil Helm continuing as CEO.[12]

In 2012, the Company launched a Travel Card and opened an office in San Francisco using the USForex brand. It established an international payment solution with Travelex in the UK.[13]

In 2013, OFX signed a partnership with global money transfer service MoneyGram in the UK, providing an account-to-account service through a white label arrangement.[14] On 11 October 2013 OFX under the trading name OzForex Group Limited publicly listed on the Australian Securities Exchange under the code "OFX".[15]

In 2015, investors were informed of the appointment of former ANZ Banking Group executive Richard Kimber as CEO and Managing Director of OFX, replacing Neil Helm who led the company to its $480 million initial public offering in 2013.In August 2015, OFX announced a global rebranding to commence in Australia in late 2015.[16]

In November 2015, OFX received an unsolicited "non-binding indicative proposal" from Western Union to acquire 100% of OFX however in February 2016 discussions were discontinued.

In December 2015, OFX unveiled the new brand and OFX.com[17] in Australia. "This was the first step in a program that will see the Group’s seven regional brands consolidated into a single global brand".[18]

In February 2017, citing "Delivery against the strategy has not consistently met the board or shareholders' expectations", OFX's chairman announced that John Alexander "Skander" Malcolm will replace Richard Kimber as CEO. [19] [20]

Regulations[edit]

Australia[edit]

OzForex Limited (ABN 65 092-375-703), a wholly owned subsidiary of OzForex Group Limited (ABN 12 165-602-273) has an Australian Financial Services Licence (AFSL) and is regulated by the Australian Securities and Investments Commission (ASIC) to deal and give advice in foreign exchange and derivatives.[21]

USA[edit]

USForex, Inc., a wholly owned subsidiary of OzForex Limited, is registered as a Money Services Business at a federal level with Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of Treasury. In addition, USForex is licensed in a number of U.S. States by the relevant State Banking Department(s) as a Money Transmitter. USForex is licensed as a Money Transmitter by the Banking Dept. of the State of NY.

UK[edit]

UKForex Limited (registered in England and Wales under company number 04631395) is a wholly owned subsidiary of OzForex Limited. UKForex is regulated by the Financial Conduct Authority as an Authorised Payment Institution (Firm Reference Number: 521566) and by HM Revenue & Customs under the Money Laundering Regulations 2003 as a Money Service Businesses with registration number 12219180.[22]

New Zealand[edit]

NZForex Limited (CN: 2514293) is a wholly owned subsidiary of OzForex Limited and is registered as a financial service provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

Canada[edit]

CanadianForex Limited (CN: 674939-9) is a wholly owned subsidiary of OzForex Limited. CanadianForex is a Money Services Business as defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLATF Act) and as such is regulated by FINTRAC with registration number M08560392[23]

Hong Kong[edit]

ClearFX is provided by OzForex (HK) Limited (OzForex (HK)) and is a wholly owned subsidiary of OzForex Limited. ClearFX is licensed as a Money Service Operator with the Customs and Excise Department Hong Kong license number 12-08-00582

References[edit]

  1. ^ Derkley, Karin. “Client trust the key.” The Weekend Australian Financial Review, 25–28 January 2007. View article (subscription only)
  2. ^ a b Switzer, Peter. "Innovative firm Ozforex forges forex online". The Australian, 27 February 2009. View article
  3. ^ NZForex website Visit website Tranzfers website Visit website
  4. ^ Australian Securities & Investments Commission Search Visit page
  5. ^ UKForex website
  6. ^ Ooi, Teresa. "Mac Financial grabs control of OzForex". The Australian, 19 June 2007. View article
  7. ^ Swift, Brendan. "OzForex takes on world with MacBank". The Australian Financial Review, 19 June 2007. View article
  8. ^ Hextall, Bruce. "Australia’s Macquarie Bank unit acquires 51 pct of OzForex". AFX News Limited on Forbes.com, 17 June 2007. View article
  9. ^ CanadianForex website Visit website
  10. ^ AAP. "ING to offer overseas money transfers". The Sydney Morning Herald, 14 October 2009. View article
  11. ^ ClearFX website Visit ClearFX website
  12. ^ Curran, Enda. "Carlyle, Accel Buy Stakes in OzForex". The Wallstreet Journal, 23 November 2010 View article
  13. ^ OzForex Signs Exclusive Global Partnership with Travelex
  14. ^ https://blogs.wsj.com/moneybeat/2013/06/10/ozforex-moneygram-ink-deal-on-cash-transfers/
  15. ^ http://www.asx.com.au/asxpdf/20131011/pdf/42jyv7syc05cff.pdf
  16. ^ Sydney start up to global brand ASX Press release, 5 August 2015. View article
  17. ^ ofx.com View website
  18. ^ https://www.ofx.com/en-au/investors/asx-announcements/
  19. ^ http://www.afr.com/business/banking-and-finance/ofx-group-shares-hammered-15pc-as-it-revises-guidance-names-new-ceo-20170131-gu2scr
  20. ^ http://www.asx.com.au/asxpdf/20170201/pdf/43fpznmxj3nytf.pdf
  21. ^ AFS License number 226 484 View registration
  22. ^ HMRC Website View page
  23. ^ MSB registration.View page