FXcompared had a chance to catch up with Richard Kimber, CEO and Group Managing Director of OFX , to get his perspective on the future of the global payment business.
What excited you about the opportunity to join OFX back in 2015?
Without a doubt, I was, and continue to be, excited about the opportunity to build a global technology business that can become a world leader in high-value cross border payments. We’ve always been focused on trying to provide businesses and consumers with a better rate than they could otherwise get.
What three things do you think set OFX apart from its competitors?
If I have to name just three things that set us apart, they are these:
OFX has a unique ‘local to local’ model where we disintermediate traditional transfer methods; our online platform is custom built to specialize in global payments; and, we utilize a single global architecture to power all of our country operations.
USForex is re-branding to the overall OFX brand. What led to the decision to go with one brand globally and how do you think it will help in the US specifically?
As a global business, we need a single global brand. A three-letter domain OFX.com signals we are a truly global business. As most of our customers are sourced online and tend to have a global outlook, they will all benefit from the combined strength of our international properties as they move around the world.
Although OFX has been around for many years, we know you see the company as very much a FinTech player with the new products you are launching and your market positioning. What do you think OFX will look like as a company in five years-time?
OFX is a growth company with huge potential. We aim to grow to a very significant business in the USA and to serve small and medium businesses as well as affluent individuals. Our technology is evolving rapidly and we will use this to extend our core international payments business into adjacent services.
What technologies do you think will have most impact on the international payment space over the next five years? (e.g. blockchain, apps & smart phones)
I believe the world is moving to mobile. In the not too distant future, all applications will be “mobile first”. I see increasing usage of machine learning “artificial intelligence” as well as cloud computing. The cloud is a total game changer for OFX.
Which three geographies / countries are you most excited about for future growth (and why)?
We are a market leader of the non-banks in Australia and intend to remain in this position. Our growth strategy is focused on the USA with clear emphasis on linking the USA to Asia.
What do you like to do whilst not working?
Outside work I like to ride my road bicycle and often commute to work. I enjoy keeping fit and love the outdoors. My hobby is car racing and I have a British race car called a Radical. With my work commitments, however, I don’t get to race much these days. I love technology and invest in a few startups. I am on the board of two and really enjoy helping them grow. Thank you for the opportunity to connect with you and your readers!
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