CaixaBank, Spain’s leading financial institution, has just launched its FXNow service in Morocco, an online platform that allows customers to transact with devices in real time, quickly and securely. With FXNow, Morocco becomes the only Spanish bank to combine international transfers made through online banking with online exchange rate management.
Caixa Bank, a leading financial institution in Spain, provides grist to the mill for Moroccan-Spanish trade relations which are part of a virtuous cycle of growth. Morocco having exported around 7.3 billion euros to Spain in 2021, up 14.6% over one year and imported from the Iberian country the equivalent of 9.5 billion euros (+29, 2%).
The Spanish bank is launching, in fact, in Morocco its FXNow service, an online platform that allows customers to carry out transactions with devices in real time, quickly, safely and without intermediaries.
On June 1 in Casablanca, in a full house, before the Moroccan-Spanish business community, Alberto Carnero Fernandez, Consul General of Spain, and Juan Carcia Munoz, President of the Spanish Chamber of Commerce, Industry and Navigation of Casablanca, FXNow was presented by the bank’s branch in Morocco and the Spanish chamber. “The most important thing about this platform is that it is created by customers and for customers. We have created it so that it meets the needs of the customer and all the information that he wants to look for online in the market. Clearly, all information relating to the foreign exchange markets (prices, market news, flashes of the week) is available there in a transparent manner, able to influence the decision to buy or sell currency. , explained to the newspaper “Le Matin” Maria Camarasa Arroyo, Director of FX Sales at CaixaBank.
In any case, with FXNow, CaixaBank becomes the only Spanish bank to combine international transfers made through online banking with online exchange rate management. For the bank’s customers, this platform also offers the possibility of consulting the various operations carried out at a specific time and the viewers. Customers can configure the platform according to their needs.
Note that the CaixaBank platform has been internationalized for 18 months after its launch in Spain. Moreover, between October 2020 and March 2022, more than 15,000 transactions were carried out on fXNow, representing a total of 3,000 million euros exchanged.
“After Morocco, CaixaBank plans to expand this platform to other countries where it has operational branches,” says Maria Camarasa Arroyo.
It should be remembered that the international presence of Caixa bank is channeled through its international banking network made up of branches and representative offices throughout the world and through cooperation agreements with leading international banks. Spain’s leading bank in terms of assets, it has global coverage with more than 180 professionals, nearly 30 points of presence internationally and agreements with more than 1,660 correspondent banks.
Three questions for Ignacio Pino de la Chica, Country Managing Director CaixaBank – Branch in Morocco.
“We are trying to promote in particular commercial relations between Spain and Morocco”
Why did you launch FXNow at this precise timing?
The platform that we are installing in Morocco is similar to the one that was operational in Spain last year. But we proceeded to adapt it to the needs of Moroccan companies, so that it can carry out foreign exchange transactions in local currency.
The adaptation of FXNow to this new market with different regulations and devices does not prevent it from keeping its main advantages from the point of view of its ease of use with an intuitive and practical interface due to its possibility of carrying out transactions in just two clicks and its ease of contracting allowing the signing of documents online.
CaixaBank has been established in the Kingdom since 2009 through an antenna which has been transformed into a branch. Where are you in your development in the country?
CaixaBank has had a banking license in Morocco since 2009 with 3 branches in Casablanca, Tangier and Agadir where it offers business banking and corporate banking foreign trade services to Spanish companies that are already established in Morocco or are planning to enter the Moroccan market. Our client portfolio consists, for the most part, of large or medium-sized companies. VSEs when they set up, they do so as subsidiaries of large Spanish companies. We support more than 500 Spanish and Moroccan companies.
Over the past decade, CaixaBank has thus become the reference bank for Spanish companies present in Morocco: around 60% of the 800 Spanish companies operating in the country (according to ICEX data) are clients of the Moroccan branch.
Are there sectors that Caixabank Maroc prefers to finance in particular?
We work with all sectors such as agriculture, transport, logistics, agri-food, etc. But what we are trying to promote in particular are trade relations between Spain and Morocco. And in our client portfolio, we have as many Moroccan companies operating in Spain as Spanish companies working from Morocco.