OFX Payments Ireland will manage the Sydney-headquartered firm’s European operations from Dublin.
International money transfer and foreign exchange services provider OFX is targeting Ireland and the EU as key growth markets. As part of this strategy, it has established OFX Payments Ireland as its European HQ in Dublin.
“Establishing an office in Ireland is a key part of our strategy for growing in the region and gives us an excellent base from which to manage our operations,” said global CEO Skander Malcolm.
Maeve McMahon was recently announced as CEO of OFX Payments Ireland and is charged with leading growth in the region. A number of senior team members are already in place for the Irish operation, while 15 new jobs will be created.
The Dublin team will lead OFX’s portfolio across Europe and manage operations across the region, covering compliance, risk, finance, operations and sales.
The wholly owned subsidiary will be located in south Dublin city centre.
“These new positions are particularly welcome as the Government seeks to grow Ireland’s status as a global hub for fintech,” said Minister of State at the Department of Finance Seán Fleming, TD.
“Ireland is a really attractive destination for financial services, due in a large part to our strong talent pool and expertise in the sector.”
Founded in 1998, OFX offers customers an alternative to banks when it comes to transferring money across borders. It targets both consumers and business customers, specialising in currency risk management for SMEs trading internationally.
The decision by the OFX board to establish an Irish operation was made in 2018 and the company secured an e-money institution licence from the Central Bank of Ireland in 2020. Since then, work has been completed to migrate its European business from the UK.
OFX’s global headquarters are in Sydney, Australia. It operates eight offices around the world with a workforce of more than 650.
The new HQ in Dublin has been supported by the Government through IDA Ireland.
“This investment by OFX is a welcome addition to the already strong online foreign exchange, international money transfer and payments ecosystem which has developed here,” said IDA’s head of international financial services, Kieran Donoghue.
“As an innovative and fast-growing financial services company, OFX will further enhance Ireland’s reputation as a location for financial services, technology, content and fintech companies from the Asia-Pacific region,” he added.
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