September 21, 2021 - Irish foreign exchange technology firm Assure Hedge has announced today the launch of X Hedge, an out-of-the-box platform that can be white-labelled by any business looking to offer its clients currency solutions.
X Hedge is an out-of-the box, cloud-based platform that can be provisioned instantly to new customers. These businesses can then, under their brand, start offering currency solutions to their existing clients – simultaneously meeting unmet client needs and adding high-margin revenues.
With X Hedge, Assure Hedge opens up new routes to clients, helping to bridge the risk management gap. A significant proportion of individuals and businesses fail to hedge their currency exposures. For instance, recent research from East & East Partners shows that around 70% of small businesses are not using hedging instruments. The key to addressing this gap is making these services available to clients at the right time and over the right channel, at the point where the risk arises. This will be increasingly possible as a broader range of businesses white-label the X Hedge platform.
Simon Turner, Managing Director at Yoption$, a business set up to help the yacht industry manage currency risk and which acted as beta customer for X Hedge, commented, “Typically, the lead time for the build of a yacht can be anything from 3 months to 18 months and when the builder’s currency is not the same as the buyer’s, there is significant potential exchange rate risk. X Hedge not only enables us to mitigate our clients’ risks, but to do so with great, intuitive user experience and market-beating rates, way better than any bank or competitor.”
X Hedge offers a broad range of services in multiple currencies. The solution provides alternative banking services, such as wallets and payments, as well as currency solutions, such as spots and forwards, in over 30 different currencies. In addition, because Assure Hedge is an FCA regulated firm, the platform also allows customers to generate term sheets for derivative instruments, such as currency options, and in time will allow additional derivative instruments to be traded directly via the platform. As a result, it can be used by financial firms, such as FX brokers, to extend the range of services they offer to clients.
Fayaz Patel, Founder of Treasury First, an FX broker that also acted as a beta customer, said, “X Hedge provides Treasury First with a one stop shop that gives our clients access to products that were typically reserved for much larger corporations. With X Hedge, we can provide deliverable spot, forwards and options in a single platform. And with a state-of-the-art technology platform, we can spend more time on building customer relationships and customer service.”
Barry McCarthy, CEO of Assure Hedge, added, “The launch of X Hedge is a major milestone for the company. Our mission is to provide currency hedging to everyone. With X Hedge we are a step closer to reaching everyone. Now, any company whose clients have FX risks can help those clients to manage these risks as they occur. We provide all of the technology and regulation. For the company, it is just a plug-and-play platform that can be set up in minutes. And the potential for them is considerable, solving a significant pain point for their existing customer base.”
In July, Assure Hedge hired Pritesh Ruparel as Chief Commercial Officer. Ruparel was fromerly the headof the OTC derivatives business for Sucden Financial.
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