An affordable foreign exchange (FX) platform has been developed by CurrencyVue and NSW Government’s Jobs for NSW to help small-to-medium businesses (SMEs) manage currency exposure risks. 

The platform will be launched in mid-2017, and allow small businesses access international markets by connecting directly to banking and accounting systems. 

“SME’s can be at a huge disadvantage when dealing in FX markets experiencing financial losses due to unpredictable market movements,” Deputy Premier and Minister for Small Businesses, John Barilaro said. 
“The platform uses innovative cloud technology to provide some of the sophistication until now only really available to large institutional businesses to the smaller end of town. It’s another great example of how the NSW Government is supporting the thriving fintech industry in NSW,” he added. 

Managing FX dealings with big businesses can cost SMEs around $50,000 per year. CurrencyVue will be an easy-to-use alternative to allow access to the international market for SMEs at a fraction of the cost. 

“SMEs need to understand and manage financial risks. For example, post-Brexit the British pound fell about 10 per cent against the US dollar, meaning an unhedged UK importer paying for USD goods would have added an extra 10 per cent cost overnight,” CurrencyVue chief executive Matthew Tyrrell said.