OzForex founder wins Entrepreneur of the Year in the Technology and Emerging Industries for the Eastern Region

Thursday, 28 August 2008


Deloitte Technology Fast 50

OzForex Managing Director Matthew Gilmour has been recognised as the Ernst & Young Entrepreneur of the Year in the Eastern Region in the Technology and Emerging Industries category.

Matt is the founder of OzForex, an online foreign exchange provider, which was established 10 years ago.

The OzForex site is now one of the fastest, cheapest and easiest to use foreign exchange platforms in the world, available to both retail and business clients.

The business has experienced significant success and has opened offices in both the UK and in Canada. It now operates 24 hours a day and is one of the largest currency websites in Asia. More than 500 websites globally now host syndicated OzForex content.

Mr Gilmour said he was extremely honoured to have won his category in the awards which are held by such a prestigious organisation as Ernst & Young.

The award means that Mr Gilmour will now compete in the National awards where he will be in the running for the Australian Entrepreneur of the Year. This will be announced at the national gala dinner to be held in Sydney on 27th November.

If successful Mr Gilmour will then be invited to attend the World Entrepreneur of the Year awards, held in Monte Carlo.

Mr Gilmour said the idea for OzForex came about by applying what was going on in financial services at the time - which was the rise and rise of the non banks in areas such as mortgages combined with the obvious power of the internet to the very old business of foreign exchange.

He said OzForex was now 51 per cent owned by Macquarie and with this solid backing, the company continued to grow both domestically and internationally while ensuring that the founders continued to drive the direction of the business. "A major factor in our success is teamwork. We run our business 24 hours day out of three dealing centres in Sydney, London and Toronto and try to give our customers a seamless experience irrespective of what time of day or night they call," Mr Gilmour said.

"We now have more than 300,000 visitors per month and more than 40,000 transacting customers globally. "OzForex is focused on small customers who normally wouldn't have access to such competitive foreign exchange services. They are the main reasons we established this online service which blends technology and tailored customer service to bring a better deal to smaller customers.

"Most of our clients are operators of small and medium-sized businesses that import and an export goods, as well as migrants transferring financial assets, expatriates repatriating funds, and individuals investing overseas." "The fact that we also provide research and on-demand information is a further value-add to our clients." Mr Gilmour said OzForex would continue to grow its international businesses and continue to develop new products and services for clients.

"At OzForex we regard ourselves as an IT firm first, and a financial services firm second. In the last decade the IT focus has allowed us to grow extremely quickly and consistently whilst managing risk very tightly."

"Moving forward our focus will be to continue doing what we do best - which is delivering high end forex services to small and medium-sized customers," Mr Gilmour said. "Our key principles in OzForex mean we pride ourselves on being very transparent with our fees and rates to clients and we try to embed excellence in everything we do but especially in relation to the client experience and our systems."

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