Tuesday, October 01 15:37:14
Kerry-based global financial services group, Fexco, today said it has now entered the Japanese market through a "multi-million euro" deal for Fexco's Dynamic Currency Conversion (DCC).
The Irish firm announced the signing of a deal with the Tokyo based Mitsubishi UFJ NICOS Co. Ltd. (MUN); one of the largest credit card groups with the largest merchant network in Japan.
The deal will provide MUN with Dynamic Currency Conversion, which is a financial service in which holders of credit cards have the cost of a transaction converted to their local currency when making a payment in a foreign currency. DCC provides consumers with a rate of exchange at point of sale rather than waiting for a statement at the end of the billing cycle.
Fexco was chosen as MUN's DCC partner based on a number of key factors including the Irish company's proven global DCC experience, financial services risk profile and commitment to build local resources in Japan.
The initial roll out of DCC in Japan will focus particularly on business travelers and tourists coming to Tokyo from the United States, South Korea, Australia, Taiwan, Europe and Hong Kong, offering DCC at hotels with large numbers of guests from these territories.
Dermot O'Shea, Executive Director, Fexco Holdings said "This deal represents FEXCO's continued commitment to expansion on a global level. Japan is a key market for us and we are very proud that our first deal in this market is with such a prestigious Japanese financial institution. We believe we are a good fit with MUN, as both organisations have very strong track records, are progressive and innovative companies committed to delivering a best in class service to our customers. This is another significant milestone in Fexco's strategy to grow our business globally through establishing and maintaining enduring partnerships with premier Acquirers such as MUN. We are determined to bring the weight of our experience and expertise to bear to ensure this is a success for MUN and we look forward to working closely with them in the months and years ahead."