MoneyMasters Limited has entered into an agreement with payment solutions provider, WiPay, to develop and launch a forex trading mobile appplication.
The app will enable users to trade in the local and international markets as well as make purchasing foreign exchange easier for customers.
When launched, users can register their FX account, purchase foreign exchange safely through the app and then transfer the funds via their registered payment method.
MoneyMasters President Claudette Crooks said: “We are excited to be launching this app as it will give FX traders the ease of using a locally-based platform that makes cashing out their FX easier.”
She described WiPay as “a great partner in this venture as they are leading the charge towards creating a more inclusive financial sector that enables everyone to become involved.”
Aldwyn Wayne, CEO of WiPay
Meanwhile, WiPay’s Chief Marketing Officer, Kibwe McGann said: “We are thrilled to partner with MoneyMasters and bring our cutting-edge payment solutions to a wider audience.”
“In the first instance, WiPay will revolutionize how MoneyMasters clients access and trade in FOREX in the local and international markets. Clients will be able to access MoneyMasters FX services online and will be able to purchase and sell foreign exchange faster and safer.”
McGann said WiPay intends to use its technology to drive business which directly impacts MoneyMasters’ bottom line from revenue gains derived from market efficiency and cost savings.
This strategic partnership comes with an embedded technology service agreement that will provide MonsterMasters clients with access to WiPay’s advanced technology and digital payment application.
Initially, clients will benefit from FX trading and processing digitally.
Over time, clients can expect to have access to mobile applications that complement the range of financial services currently offered by MoneyMasters, including portfolio management, bond trading, fixed-income securities, stocks, project financing, and remittances.
In the meantime, MoneyMasters and WiPay are working to ensure that the necessary testing and regulatory approvals are complete before the app is launched to market.
The planned launch date for the app will be announced pending approval from regulatory bodies such as the Bank of Jamaica.
MoneyMasters said it expects a large number of users to use the app, as there is no local option for forex trading in Jamaica.