Kantox adds 99 new currencies, opening new frontiers in Latin America, Asia and the Middle East
26 November 2017 · 2 min read
We are increasing our currency portfolio from 35 to 134, in the process allowing our clients to trade emerging and exotic currencies with the same transparency, efficiency and security as with the ‘majors’.
Following this roll-out, our clients will be able to make payments in Brazilian reals, Indian rupees, Chinese yuan and Russian roubles, among others.
Kantox now covers almost the entirety of the Latin American market, with the likes of the Brazilian real (BRL), the Colombian peso (COP), the Chilean peso (CLP) and the the Peruvian sol (PEN) joining our existing offerings.
We are also stepping up our Asian coverage. As well as making transfers to India in rupees, our clients will be able to trade all of the region’s main currencies, including the Vietnamese dong (VND), the Indonesian rupiah (IDR), the Malaysian ringgit (MYR), the South Korean won (KRW) and the Taiwanese dollar (TWD). To view a full list of the currencies we now offer, click here.
Most exotic currencies are characterised by their low liquidity, the administrative restrictions around them and the consequent difficulties they pose for trading. Indeed, doing business in emerging currencies and exotics is a headache for international companies at present. Few banks trade them and those that do tend to be guilty of lacking transparency and taking advantage of clients by adding spreads to the exchange rate and charging sizeable fees that hike up the cost of transactions.
As Kantox CEO and co-founder Philippe Gelis put it, “We’ve brought making payments in the exotics into line with doing so in any other currency. Our goal is to automate, streamline, and ensure the transparency and security of international payments, and we now make that possible in 92 currencies. And, most importantly of all, unlike other providers, we offer competitive rates throughout our portfolio, not just in the major currencies.”