OFX appoints new Chief Technology officer (ex-Google) in a significant move for future innovations

| |

  • East and South Asia combined represent a significant region for international payments accounting for half the world’s remittance payments

  • OFX appointment signifies two strategic moves for the company strengthening North American operations and bolstering Asia Pacific operations

  • Singapore regulator is looking to support money transfer apps to reinforce its competitive banking edge for sending money throughout the region

OFX makes a new appointment of Ms Glasgow as Chief Technology Officer. Having worked for Google where she led the Asia Pacific teams, her arrival is at an opportune time for the company, as much development work is taking place in the Asia Pacific region. Recent comments from Singapore’s banking regulator indicate that it is keen to support fintech that centres on international money transfer apps in a bid to maintain the country’s banking competitiveness within the region.

According to data from World Bank, East Asia Pacific has the highest level of remittance payments globally and is estimated to account for $130 billion in 2017 to developing countries, followed by South Asia with $112bn in 2017 to developing countries, which is over  half of all remittance payments to developing countries ($444 billion). As a region, the growth in mobile payments is seeing new investments and acquisitions from competitors who are keen to cash in the opportunity. Recent developments have included acquisitions in Singapore and Thailand by Alipay and TenCent respectively, as well as the planned launch of a WeChat pay platform in Malaysia.

OFX is well established in UK, Australia and New Zealand and the company are looking to bolster operations in US with the recent appointment of Mr Kennedy at the helm. Their new appointment of Ms Glasgow is another significant appointment as the company looks to remain competitive in the international transfer payments sector.

Most Read

Use Our Currency Comparison Tool

Editor's Choice

The website and the information it provides on this site is for informational purposes only, and does not constitute an offer or solicitation to sell shares or securities. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this website and its contents do not constitute investment advice or counsel or solicitation for investment in any security. This website and its contents should not form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. FX Compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.