Alpha FX Group PLC Launch of next-generation banking platform
29 September 2021 - 04:00PM
RNS Non-Regulatory
TIDMAFX
Alpha FX Group PLC
29 September 2021
29 September 2021
Alpha FX Group plc
("Alpha FX" or the "Group")
Full scale launch of next-generation banking platform for the
alternative investment sector
Alpha FX Group plc (AIM: AFX), a provider of FX risk management
and alternative banking solutions to corporates and institutions
internationally, today announces the launch of its alternative
banking platform for the alternative investment sector.
As part of this launch, the Group intends to open an office in
Luxembourg to show its commitment to the local market, which
represents a significant opportunity for the alternative investment
banking solution.
This follows a lengthy and highly successful 'private launch' of
the platform within Alpha's existing client base. This provided the
Group with the time to gather user insights and develop further
enhancements as it worked towards launching 'Version 2' of the
platform, released in May 2021.
Alpha's business has been built on providing high-impact
financial solutions and simplifying banking processes, backed by a
growing investment in technology. Its institutional division was
launched in 2017 and grew over 100% against H1 last year, led by a
team that has over a decade's experience working within the
alternative investment industry. Having invested significantly in
understanding the challenges that alternative investment
institutions face when opening and managing bank accounts, Alpha
has decentralised its technology stack to develop a bespoke front
and back-end platform solely focused on the industry. This includes
building a dedicated in-house team for effective onboarding,
settlement and compliance of funds and their investment entities.
The Group now offers a service that traditional providers have
struggled for years to provide to alternative investment funds,
with the result that overseas bank accounts that would have taken
months to open are now typically taking less than a week.
Alternative Investment Managers find that opening overseas bank
accounts and completing transactions are often held up by policies
and technologies that are mass-market in nature and therefore not
designed to efficiently cater for the complexity of investment
structures. This in turn means that opening bank accounts and
managing transactions is time-consuming, resource intensive and
expensive, both for traditional bank providers but also the clients
they serve.
Morgan Tillbrook, Chief Executive Officer of Alpha FX commented:
"This launch is a direct result of our ability to attract top
talent combined with our investment in technology. Adam Dowling,
Managing Director of Alpha Platform Solutions, has been researching
and developing our alternative banking strategy since joining in
2018, together with Sam Marsh who co-founded our institutional
division. Opening an office in Luxembourg reflects our focus on
further expanding in a measured way, concentrating on those areas
and markets where we know that we can differentiate and therefore
grow sustainably."
Adam Dowling, Managing Director of Alpha Platform Solutions,
said "Our vision is to establish Alpha as a leading provider of
alternative banking solutions to the alternative investment space.
Today's launch is the culmination of over two years of development
work, an extensive research programme, and 10 years' prior
experience working in the alternative investment space. It's also
the result of a team that have been working tirelessly behind the
scenes and I would like to thank everyone for their hunger, drive
and commitment. As a Group, we are deeply committed to making a
difference to Investment Managers of Alternative assets. Whilst the
platform is setting new standards within the industry, we are still
at the very start of our journey and will be continuing to invest
to break new ground in the near future."
Enquiries:
Alpha FX Group plc via Alma PR
Morgan Tillbrook, Founder and CEO
Tim Kidd, CFO
Liberum Capital Limited Tel: +44 (0) 20
(Nominated Adviser and Sole Broker) 3100 2000
Neil Patel
Cameron Duncan
Kane Collings
Alma PR (Financial Public Relations) Tel: +44 (0) 20
3405 0205
Josh Royston
Andy Bryant
Kieran Breheny
Notes to Editors
Alpha provides FX risk management and alternative banking
solutions to corporates and institutions across the UK, Europe and
Canada. Combining leading expertise and technology, the Group
partners with a small number of high value clients, to provide
enterprise-level solutions across four key areas: FX risk
management, international payments, accounts and collections.
Since it was incorporated in 2010, Alpha FX has been able to
build and retain a high-quality client base that includes a number
of highly respected brands.
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