Type Private Founded 2008 (2008) | Industry Trade and development Headquarters New Zealand | |
Area served Pacific Islands, Europe Key people Robert Bell (Chairman & Acting CEO) | ||
KlickEx is a Polynesian payments system for low value electronic foreign exchange transactions using an interbank smart market retail system. It provides low cost electronic foreign exchange clearing services to clients in the Pacific Islands avoiding the usual foreign transfer fees and spreads by matching up individuals sending payments to and from the islands.
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Payments can be made between the Pacific Islands and Australia, New Zealand and Europe. The system also allows users to transfer directly to mobile wallets, and Bank accounts.
The system is an electronic alternative to informal Hawala systems, traditional international bank transfers and older remittance networks where the minimum transfer fees would often make it uneconomical to send low value payments that are typical for migrant workers and relatives of the island communities.
The company has won a number of awards and support from NZ government development agencies for providing a service that enables rapid low value payments Foreign Exchange a lower cost, and reaching a much larger number of impoverished (but vibrant) communities in the South Pacific islands.
History
The company name is derived from the title: The Klick Exchange Trading Company. The company was resident of the ICE-house incubator innovation centre in Auckland.
The KlickEx system is based on trading technology that has been operational since 2002.
Through a regional partnership with the United Nations Development Program, and the Australian and New Zealand Governments in 2011; KlickEx continued to build services and by providing the platform for Mobile Carriers (MNO) to integrate mobile wallet platforms into the established banking system; thereby accelerating the penetration of financial services to the unbanked in the Pacific, particularly focusing on Rural communities, and financial inclusion for women in developing economies.
In 2012 the company was a finalist for several New Zealand Hi-Tech Awards, in several categories including Ministry of Science and Innovation Start-up of the Year, Best New Software, Best New Service (2012).
In 2013 the company won several international awards, including The Financial World Innovation Awards and SWIFT's Innotribe Award (see below for results).
Services
The company has three core divisions: A retail operation, providing payment services in the South Pacific, www.KlickEx.com, an Institutional operation, connecting smaller banks to regional and world-wide clearing networks, VOSnet www.KlickEx.net, and NGO/Development operations, providing regulators and government agencies with statistical and compliance solutions, www.KlickEx.org.
The company provides three core products to participants:
KlickEx operates a straight-through processing settlement system that enables individuals and partnership banks to gain access to cross-border foreign currency clearing facilities and rapid settlement between accounts, delivering cleared funds across currencies in seconds. The system micro-manages standing orders for foreign exchange as little as NZ$1.00. With retail clients in New Zealand, Australia, Tonga and Samoa having immediate access following a short approval and Anti-money laundering process.