PODCAST | The fight to disrupt SA’s foreign exchange industry

The business of foreign exchange (forex) is the focus in this edition of the Business Day Spotlight. 

Host Mudiwa Gavaza is joined by Harry Scherzer, CEO of Future Forex. 

The discussion focuses on the ins and outs of sending large amounts of money to and from SA, regulations and the nature of the market. 

Unlike its name suggests, Future Forex is not a forex trading platform, the likes of which have gained notorious reputations in recent years for scams. 

“What Future Forex does instead is to action payments for people who want to move it [forex] abroad. It’s the process of sending rands to dollars or pounds, either as a [small] business or high net worth individual who wants to send money abroad. We’re able to do that better than the banks, cheaper than the banks and with more service than the banks,” he says.

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Scherzer’s firm has grown rapidly, with more than R10bn in forex deals processed since the beginning of 2022.

The company has a team of more than 45 relationship managers, chartered accountants, developers, engineers and actuaries.

Future Forex is reimagining the industry, and has plans to create more jobs this year. 

Future Forex is working to take up market share with more competitive rates than current providers. Scherzer says their target is businesses and individuals sending up to R100m annually out of SA. 

Topics of discussion include: Future Forex’s business model; standard practices and pricing of banks in this market; regulations governing the movement of money; and strategies to win customers. 

Business Day Spotlight is a MultimediaLIVE Production. 

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