Month: June 2018

FairFX
Banking

FairFX launches international business account

  • FairFX to build upon its banking capability with introduction of the Fair Everywhere business current account
  • Fair Everywhere removes the barriers to do business across borders with multi-currency wallets and foreign exchange fees that save businesses time and money
  • Secure Mastercard cards allow customers to streamline business spending around the world
  • Millions of SMEs will no longer have to be penalised by banks which charge extortionate fees

International multi-currency payments provider, FairFX is today announcing the launch of its new global business current account.

The Fair Everywhere business account brings together FairFX’s expertise in international payments with services designed to make global business banking easier, faster and cheaper for those who don’t want borders to limit their business ambitions.

The new Fair Everywhere account allows you to:

  • Manage all your day-to-day business banking and international money transfers in one current account with balances in Sterling, Euro and US Dollar.
  • Open your doors to the world with foreign exchange rates that are game changing for business’ bottom lines.
  • Bank with a business that works as hard as you do – customers have unlimited access to a UK-based customer support team Monday to Saturday.
  • Spend in over 210 countries worldwide with a chip & PIN secure Mastercard debit card
  • Fit your banking around you with the Fair Everywhere mobile app.
  • Get 3.5% cashback rewards from over 50 UK high street retailers simply for doing business as usual.
  • Automate your bill payments through direct debits or standing orders directly from your account.

The account is initially only available to 1,000 customers with existing FairFX Business customers offered priority access. Other businesses can sign up to join the waiting list. 

Ian Strafford-Taylor, CEO of FairFX said: “The Fair Everywhere account is for businesses that don’t see barriers in borders. We’ve brought together the best of both our banking and currency platforms and kept it simple with a straight forward, all inclusive price of £50 per month for an all singing, all dancing account that works as hard as you do.

“We know that most SMEs are not limited by their ambitions and as such they should not be limited by working with banks that penalise them with extortionate fees, complex pricing structures and poor service.”

“We will be launching additional subscription tiers for businesses turning over different amounts and introducing a pay-as you-go pricing option very quickly, to ensure we provide a flexible service that helps our customers be more effective.”

“With Fair Everywhere, we have taken our winning formula of combining market leading value with unmatched service standards and applied it to the underserved SME banking market. This international business account makes it easy for SMEs to manage their day-to-day finances as well as their international payments at exchange rates that are what we believe to be the fairest around and all from a single account.”

“The Fair Everywhere cards will also be issued by the FairFX Group after the Group became a principal member of Mastercard in 2017, which gives us even more control over our supply chain to enhance the product and customer experience.” 

“This launch is a big step for FairFX towards building out our banking and payments offering, and we’re excited about growing with our customers.”

Visit Fair Everywhere to find out more about the international business account.

Issues

Issue 6 2018

Click the image below to read this months issue!

Wealth & Finance INTL Magazine is devoted to providing fund managers, institutional and private investors across the globe with the latest industry news across both traditional and alternative investment sectors.

In this issue, we take a closer look at Caye International Bank. The firm provides stability, confidentiality and higher returns for their customers and clients. Recently, we spoke with Caye’s Senior Vice President, Luigi Wewege about the Bank, its services and his aspirations moving forward.

Elsewhere in this edition, on the 27th July, Brown Brothers Harriman & Co. (BBH) launched the BBH Income Fund (the Fund). The open end mutual Fund will be co-managed by Andrew Hofer and Neil Hohmann. We discover how BBH Income Fund seeks to provide maximum total return with an emphasis on current income, consistent with the preservation of capital and prudent investment management.

Also in this issue, Prophet Equity is a private equity firm that makes control investments in strategically viable, asset-intensive, underperforming companies. We profile the dynamic firm, as we reflect on how over the last nineteen years, Prophet Equity’s Principals have invested in and managed entities with over $6 billion in revenue.

The team here at Wealth & Finance Magazine hope you enjoy reading this month’s insightful edition, and we look forward to hearing from you!

Social impact
Sustainable Finance

Younger Entrepreneurs Choose Social Impact As Their Top Business Priority

A new wave of global entrepreneurs are setting up their businesses with the aim of making a positive impact on society, according to a new report from HSBC Private Banking. The Essence of Enterprise report found that the younger generation of entrepreneurs are leading this trend, with 24% of entrepreneurs aged under 35 motivated by social impact compared to 11% of those aged over 55. The report, now in its third year, is one of the largest, in-depth studies into the motivations and ambitions of entrepreneurs, researching the views of over 3,700 successful entrepreneurs in eleven countries. The report also found that this new generation of entrepreneurs is embracing angel investing, viewing it as a way to connect and collaborate with their peers.

A socially minded brand of entrepreneurship

One in five entrepreneurs considers social responsibility, being active in the community, or environmental responsibility as their top priority as a business owner, rather than prioritising areas such as maximising shareholder value or economic prosperity. Those who prioritise social impact have a greater propensity to engage in angel investing, (55% of impact-focused entrepreneurs versus 44% of entrepreneurs who prioritise commercial factors), and report a stronger willingness to rely on mentors for advice and support (75% of impact-focused entrepreneurs versus 66%).

The report also suggests a strong relationship between an emphasis on social impact and entrepreneurial ambition. 33% of the entrepreneurs projecting high growth ambitions state that they started their ventures with the intention of creating positive social impact, compared to 28% of those projecting the lowest growth. This suggests social impact should be seen as an integral part of the recipe of entrepreneurial success, and not separate from it.

A new investment style

Almost half of respondents (47%) have invested in other private, non-listed businesses, funnelling both capital and expertise back to the entrepreneurial community. However, the research reveals that a new younger generation of entrepreneurs is investing at a much higher rate than their older peers, with 57% of entrepreneurs under 35 undertaking angel investing compared to 29% of entrepreneurs aged over 55.

Differences also exist between the generations in how they perceive and approach angel investing. Over half of younger entrepreneurs (57%) view angel investing as a way to connect and collaborate with peers, staying up to date with industry progress and disrupters and to grow their knowledge and expertise.  Entrepreneurs of an older generation view angel investing as a way to diversify and grow their investment portfolio, approaching angel investing in a more informal style, through their own network of personal contacts. 43% of those over 55 view friends as the best route to new business, while 44% of those under 35 turn instead to professional advisers to source new investment opportunities.

HSBC Private Banking Global Chief Investment Officer Stuart Parkinson said: ‘It’s clear younger entrepreneurs want to do good, and we would be wrong to dismiss this as youthful idealism that will act as a brake on financial success.  They know that their business cannot have the impact they want without sustainable growth, and they are focussed on achieving both. They see a similar virtuous circle when it comes to angel investing; they are happy to invest in the wider business community, to contribute to each other’s successes and to learn from one another.”

Differing approaches across the globe

The report also brings to light the differences in the entrepreneurial mind-set in markets around the globe. Entrepreneurs in the Middle East (66%) are the most active angel investors, with the US (54%) and Mainland China (53%) next in line. By contrast, 45% of UK entrepreneurs are angel investors, along with 35% in Germany and 33% in Switzerland.

Regional traditions have paved the way for different approaches to angel investing between these markets. In the US, angel investing is highly professionalised; investors source new opportunities through formal channels, such as financial or professional advisors. In comparison, entrepreneurs in the Middle East source new opportunities informally, mainly through friends (Use financial advisors US 51%, Middle East 38%) (Use friends US 45%, Middle East 53%) They also perceive their role to be supportive, cultivating business development and leadership skills. In the US, entrepreneurs view their role as a challenger, optimising the performance of the management team by challenging their thinking and strategy.

In Europe, investors are more likely than those in other regions to perceive angel investing as a way to grow and diversify their portfolio, rather than as a way to build their network and share expertise.

In relation to social impact, entrepreneurs in the US and China show a greater emphasis on environmental concerns – 8.1/10 prioritise environmental issues in their business planning compared with 6.7/10 in the UK, Singapore, Switzerland and Australia. When asked about their desire to contribute to communities, entrepreneurs from the Saudi Arabia (64%) and UAE (62%) are most likely to reference being active in the community and civil society as important to their business operations compared to the global average of 44%.