Irish firm CurrencyFair buys Hong Kong company as part of €20m expansion

Ninety new jobs are to be created over the next 18 months

Irish firm CurrencyFair buys Hong Kong company as part of €20m expansion

Hands with 100 Euro banknotes being counted | Image: Klaus Ohlenschl?ger/DPA/PA Images

A provider of international money transfer services has announced a major expansion into Asia.

Dublin-based CurrencyFair is to acquire Convoy Payments Limited, a subsidiary of Convoy Global Holdings, which is listed on the Hong Kong Stock Exchange.

CurrencyFair say this will accelerate its entry into the Asian market, and opens up access to the US market through Convoy Payments' existing business.

The acquisition is part of a €20m investment plan for growth, which will see the creation of 90 new jobs over the next 18 months.

The new posts will be created globally - with particular emphasis on product development, customer service, compliance and marketing and global partnership development.

Paul Byrne, CEO and president of CurrencyFair, said: "The investment will enable us to continue taking our vision of a world of fairer financial services to Asia.

"In addition to being able to provide more Asian currencies to our 100,000 plus customers, we are very excited about the opportunity to bring our products to the world's fastest growing region, which will account for approximately 33% of global money transfers by 2026."

The firm will be able to provide business payment services for non-Chinese companies seeking to pay their Chinese suppliers.

Michael Yap, head of venture capital at Convoy Global, added: "Convoy Global is pleased to have found a great partner in CurrencyFair to expand our payments offering.

"The partnership includes the merger of Convoy's existing payment business with CurrencyFair as well as a direct investment earmarked towards supporting the joint entity's Asian expansion.

"We are also excited to become their crucial strategic partner in enhancing their financial solutions to customers globally."

CurrencyFair has existing operations in Australia and the UK, with over 100,000 customers throughout the EU and Australia.

Convoy Global Holdings is the largest financial advisory firm in Hong Kong, with thousands of financial consultants in the Asia-Pacific region.

The company focuses on three core businesses: financial advisory, financial product manufacturing and FinTech.