International money transfer and foreign exchange services provider OFX has announced plans to established its European headquarters in Dublin after installing former Ulster Bank and GE executive Maeve McMahon as is CEO and growth leader for the region.
OFX expects to create 15 jobs in Dublin to manage European operations in areas including compliance, risk, finance, and operations.
The Sydney-based company said OFX Payments Ireland Ltd would be responsible for managing its European portfolio following the successful migration of the European business from the UK entity post-Central Bank authorisation.
"We are excited by the opportunities for growth in our business in Ireland and across the EU region," said Skander Malcolm, CEO of OFX. "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.
"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.”
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OFX styles itself as an alternative services provider for businesses who trade across borders and to consumers who send money overseas at a time when Ulster Bank and KBC Bank Ireland are preparing to exit the Irish market.
The company currently employs 650 staff at eight offices around the world and offers money transfers in over 50 currencies and 170 countries through its self-service online platform with 24/7 localised customer support. It also specialises in currency risk management for SMEs.
In addition to CEO McMahon, a head of risk and compliance, compliance associate, head of finance and operations, finance and operations manager, and several business development managers and executives have been hired.
Minister of State at the Department of Finance Seán Fleming said: “I’m delighted that OFX has chosen Ireland as its location for its European headquarters. These new positions are particularly welcome as the government seeks to grow Ireland’s status as a global hub for fintech.
"Ireland is a really attractive destination for financial services, due in a large part to our strong talent pool and expertise in the sector. The very best of luck to the entire team and I look forward to following their success into the future.”
Kieran Donoghue, head of international financial services at IDA Ireland, added: “This investment by OFX is a welcome addition to the already strong online foreign exchange, international money transfer and payments ecosystem which has developed here.
"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.
"I wish to thank OFX for their investment and wish them every success and our continuing support as they develop their business from Ireland.”
Photo: (l-r) Seán Fleming, Maeve McMahon, and Skander Malcolm.
