StoneX expands launches FX Online in Brazil
“FX Online is a major development in giving our clients more control over, and transparency into, the currency exchange process.”
StoneX Group is expanding its foreign exchange (FX) offering in Brazil by providing access to FX Online through its wholly-owned subsidiary in Brazil, StoneX Banco de Câmbio S.A.
FX Online is a digital platform where clients can execute transactions across the StoneX global payments network, thus providing greater access to the foreign exchange market.
The tool processes payment requests using real-time market rates with reduced time and cost of execution. The platform automates the documentation and pricing operations.
FX Online onboarded tens of thousands already
Fernando Mazzanti, Commercial Director of StoneX Banco de Câmbio S.A., commented: “FX Online is a major development in giving our clients more control over, and transparency into, the currency exchange process. This best-in-class technology will undoubtedly enhance the client experience and allow them to access even more of the products and services StoneX has to offer.”
“FX Online is the type of full service offering that StoneX clients expect. With tens of thousands of clients already onboarded we are excited to continue delivering valuable services to those in Brazil.”
The newly launched platform in Brazil further expands StoneX’s foreign exchange role in Latin America’s largest country in a time of great volatility, rising interest rates and inflation.
StoneX Group provides market access and expertise in trading across foreign exchange instruments with a 24/7 dealing desk and support team that provides clients with professional voice execution and electronic market access.
The group handles execution, post-trade settlement, clearing and custody services for its clients looking to trade, invest, manage market risk, and improve performance.
Banks tapping crypto in Brazil
Banks and brokers are increasingly betting in Latin America, including Brazil. It has been recently revealed that Banco Santander is building the infrastructure to make crypto market access available to institutional and individual customers in the country.
It’s unclear whether Santander will enter into a partnership or offer crypto products directly. “We recognize that it is a market that is here to stay, and it is not necessarily a reaction to competitors positioning themselves; it is simply a vision that our client has demand for this type of asset, so we have to find the most correct and most educational way to do it,” said Santander Brazil chief executive Mário Leão.
The crypto industry in Brazil continues to grow despite its already large stature as crypto traders double the number of stock investors, according to a recent survey conducted by local media.