A financial services company launched with a £400,000 grant from the Wales Economic Growth Fund has more than repaid the support it received having processed more than £50 million in transactions since its launch, saving Welsh companies £500,000 in the process and creating 18 jobs.
OSTC FX, the only foreign exchange company based in Wales, was launched two years ago. Since then it has helped more than 100 Welsh companies better manage their foreign exchange risk, saving each business thousands.
The company is also keen to educate the companies it works with so they have better in-house skills and knowledge around this often poorly-understood area of finance. Rather than resting on its laurels, OSTC FX is working with the University of Wales Trinity Saint David (UWTSD) to create an online training course and qualification in this field to further help its clients better manage this risk.
OSTC FX is a Gold Partner with the Accelerated Growth Programme, a project supported by the Welsh Government. Other partners include Capital Law, KPMG, Seedrs and Santander.
Some high profile Welsh brands including Swansea City FC, The Ospreys and Gower Chemicals are regular users of OSTC FX’s services, saving themselves thousands in the process.
Prior to the set-up of OSTC FX, Welsh businesses would either have to use their banks to exchange money or be forced to call around London-based brokers to seek a deal. Having this local service available is proving popular with turnover transacted growing by eight percent month on month. But there is still room for growth, as many Welsh businesses are still carrying out their exchanges with less cost effective providers.
OSTC FX aims to form long-term, transparent relationships with companies where any margins or fees it earns are fully disclosed. It also offers a free audit to companies where it assesses historic foreign exchange transactions and demonstrates any savings that could have been made.
Paul Langley of OSTC FX, said:
“We are proud to be the leaders of the foreign exchange sector in Wales. We have seen continued success over the years and this is not only because we have some of the best foreign exchange dealers in the country, but because we are a company that provides a transparent and open approach to business with our clients, which is very different from other FX companies across the UK and even globally.
“OSTC FX is a company that wants to provide education and know-how to those in the field, or those looking to enter the sector in Wales. Our continued growth and prominence in the market enables us to do this and we hope to enhance this initiative in years to come.”
Edwina Hart AM, Minister for the Economy, Science and Transport, said:
“I am very pleased to see the progress being made by OSTC FX in growing their business and creating 18 highly skilled jobs in the process. Not only have they successfully expanded their own operations but the service they provide is also helping other Welsh businesses to become more efficient. As a pro-business government, we are committed to supporting businesses like OSTC FX reach their potential through schemes such as the Wales Economic Growth Fund”