Gain Capital Holdings, Inc. (NYSE: GCAP; "GAIN" or "the Company"), a global provider of online trading services, today announced plans to launch its new international money transfer business.
The new venture, GAIN Capital Payments Ltd., will do business under its ForeignExchange.com brand name.
"The $54 billion cross-border payments industry is undergoing a technological revolution that will provide tremendous opportunities for platforms that can provide lower fees, enhanced technology and a better user experience," commented Glenn Stevens, CEO of GAIN Capital. "Similar to the digital transformation of other industries, we expect online services to eventually overtake offline competitors in the international payments space and we believe that GAIN is well positioned for this opportunity."
"Our expansion into the international money transfer space is a natural extension for our business. GAIN was a pioneer in the retail foreign exchange trading market, offering one of the first online FX trading platforms for self-directed retail customers via our award-winning FOREX.com brand," continued Mr. Stevens. "We have a unique advantage in that we have deep knowledge of the foreign exchange market, over 15 years of experience operating a highly regulated business that deals every day with cross border funding and, of course, our expertise in digital marketing and in developing and supporting web-based products and services. We expect to be able to leverage this experience to create a very competitive proposition for ForeignExchange.com."
ForeignExchange.com will serve both retail and business customers with more than 40 currency pairs and over 200 payment destinations. It is expected that the service will save users an average of 60 – 80 percent in fees when compared to typical bank pricing.
The company plans to launch the service in the U.K. starting in the second quarter of this year.
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