Tuesday, October 16 16:00:10
Kerry based financial services provider, Fexco, opened a new office in Brazil during Ireland's recent trade mission to the South American country.
The Trade Mission, organised by Enterprise Ireland and led by Minister for Trade and Development, Joe Costello, coincided with President Higgins' official state visit to Brazil.
The Irish firm opened its 11th global location in Sao Paolo on the second day of the trade mission.
As well as its Irish base, Fexco also has operations in China, Singapore, Hong Kong, Germany, Australia, New Zealand, UAE, France, Japan, USA, and UK.
The new Brazil office will oversee the company's expansion into the vast country and the wider Latin American market.
Fexco is a world leader in the global payments services sector, developing a range of currency conversion, transactional and global treasury products.
Over the course of its 30 year history, it has become a market-leading provider of Foreign Exchange treasury management services to merchants and acquiring banks worldwide. The company was the first to develop and introduce dynamic currency conversion (DCC) and today, via this product alone, Fexco has over 45,000 customers globally.
Brazil is the world's 6th largest economy and continues to grow. Tourism in Brazil, which is also Latin America's largest economy, is a growing sector and key to the economy of several regions of the country. In terms of the international tourist arrivals, Brazil ranked as third most popular destination in Latin America after Mexico and Argentina, which provides significant opportunities for the Irish firm's currency conversion products, such as DCC and MCP (multi currency pricing) in the wider Latin American market.
Denis Cleary, Global Head of Dynamic Currency Conversion for FEXCO, said "We are very excited about the potential the Brazil market holds for FEXCO. The country's strong growth in its international business travel & tourism sector is particularly attractive for us. FEXCO is well positioned to take advantage of the predicted growth in international tourism numbers, with currency conversion products at the heart of our offering. FEXCO is investing in this region to capitalize on the opportunities the region presents and with the confidence in our ability to successfully deliver our products here. This new regional office will serve as a platform for further expansion of FEXCO's presence across Latin America".