The company plans to launch its new core platform in mid-2017.
GAIN Capital Payments Ltd, a UK-based subsidiary of Gain Capital Holdings Inc (NYSE:GCAP), has set itself some ambitious targets for the years to follow.
According to a regulatory filing with the UK Companies House, GAIN Capital Payments aims to launch its new core platform in mid-2017 and to be ready to enter non-EEA markets in early 2018.
GAIN Capital Payments, which operates as ForeignExchange.com, entered the UK market in November 2016, seeking to meet the growing need for cheaper, easier and trusted online services for international money transfers. In its latest report, the company says that its overall goal is to become the FX money transfer provider of choice for medium to high value transfers from consumers and micro-business entities.
What’s in store?
- The company plans to release its new core platform in mid-2017 reaching out to new markets in the EEA.
- The focus for 2017 will be to ensure completion of a robust core platform with the release of a pricing platform, new functionalities and complementary products to access new customer segments and new markets within the EEA.
- By the end of 2017, the company will have entered the micro-business market and be well under way to enter non EEA markets in early 2018.
Let’s mention something about the financials of the company. The report it has just issued includes GAIN Capital Payments’ financial statements for the period from July 15, 2015 (date of incorporation) to December 31, 2016. Given that the company has started operations only recently, it is not surprising that it incurred a loss during the period in question. The loss for the period amounted to GBP 353,687.
In its report for the first quarter of 2017, GAIN Capital Holdings noted that GAIN Capital Payments Ltd. is regulated in the UK by the FCA and is authorized to carry out payment services under the Payment Services Regulations 2009. The regulatory capital must be the greater of either (i) $0.1 million (€0.1 million) or (ii) requirements determined by the fixed overhead requirement. At March 31, 2017, GAIN Capital Payments Ltd. maintained the minimum required regulatory capital.