Foreign exchange infrastructure company OpenFX has announced the rollout of its cross-border payment platform in Mexico.
Through this strategic decision to enter one of Latin America’s most dynamic economies, OpenFX seeks to offer domestic companies more efficient access to global foreign exchange (FX) markets and international companies the ability to convert other currencies into the Mexican peso in near real-time.
Supporting global trade
The financial landscape has long seen transaction fees as the main obstacle to global trade; however, the real issue is actually the delay of several days that holds considerable sums of working capital in a financial midpoint. With its technology, OpenFX aims to minimise this time from days to minutes, mitigating the problem of retained capital for Mexican companies and enabling them to invest more of their resources in expanding their operations.
Entering the Mexican market with its cross-border payment platform comes shortly after OpenFX obtained USD 23 million in initial from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors. Now, the firm intends to provide organisations with the basic infrastructure required to transfer funds internationally at the speed of commerce to institutions, companies, and entrepreneurs in Mexico. Representatives from OpenFX emphasised that their company’s technology is developed to serve as a launchpad for entrepreneurs across the region. The firm seeks to support its users in benefiting from solutions that facilitate their growth and allow them to compete, innovate, and build business in their own home market.
Additionally, OpenFX’s platform enables exporters and importers to make cost-effective payments to suppliers, scales the efficacy of fintech firms and remittance platforms, and frees up capital that assists the growth of the country’s businesses. Also, the solution integrates with local payment systems and regulatory compliance frameworks.
Furthermore, currently operating in 26 countries, including Latin America’s two largest economies, OpenFX intends to expand to more than 40 countries and 15 of the G20 currency pairs by the end of 2025. The company is investing in local partnerships, regulatory compliance, and growing its team to serve the needs of customers across these regions.
