Future Forex: Revolutionizing South Africas Financial Landscape With Cutting-Edge Fintech Solutions

Future Forex has combined actuarial expertise and deep engineering knowledge to build a robust, innovative financial technology platform, resulting in the company’s exponential growth and success over the past four years.   

Globally, the finance industry has long been a murky place, riddled with outdated technology, poor service, and complex fees. This is particularly evident in South Africa, and Future Forex is here to solve this. From tracking systems and automation that help the team do their jobs in the most efficient and client-centric way possible, to user-friendly platforms and apps that allow clients to harness all relevant information with ease, Future Forex is bringing significant improvements to the South African finance space with their two innovative service offerings, ensuring the industry is transparent, cutting-edge, customer-first and cost-competitive. 

Future Forex first identified an opportunity to innovate in the little-known space of the South African Crypto Arbitrage market, by giving all South Africans the ability to benefit financially from this investment. 

Crypto Arbitrage is a highly lucrative investment opportunity that leverages the difference in crypto prices between local and offshore exchanges and was previously only accessible to South Africans experienced in trading cryptocurrencies. Future Forex transformed this and turned a previously risky opportunity that required great expertise, technology, and timing into a very low-risk passive investment that exponentially exceeds traditional investments’ returns, with a +43% annualized average return to their clients. By doing this, they’ve allowed customers, most of whom have little or no expertise in cryptocurrencies, to benefit from the lucrative returns they’ve delivered to date (exceeding R362 million so far).  As a result of establishing themselves as trusted, transparent, compliant, and successful in the fintech industry, Future Forex was one of the first South African companies to be granted a CASP (Crypto Asset Service Provider) license and is the largest Crypto Arbitrage provider on the African continent.

While building out their Crypto Arbitrage service, Future Forex discovered that a critical part of the process, sending funds abroad, was slow, opaque, and surprisingly expensive to do via traditional banks. As a result, the company decided to migrate this process in-house to expand their service offering. They acquired an FSP (Financial Services Provider) license, became a Foreign Exchange Intermediary, and have automated the entire international payment (forex) process for individuals and businesses sending money into our out of South Africa. Leveraging automation and cutting-edge technology has allowed the company to significantly reduce their payment processing costs compared to traditional banks, and they pass these savings onto their clients directly.

After thousands of hours of design optimisation, Future Forex released its online forex platform earlier this year. This platform was inspired by world-leading Fintechs such as Revolut and Wise, but went one step further in that it caters specifically to South Africans and was designed to be accessible to those who aren’t tech-savvy by prioritising ease-of-use for clients. The web app provides a helpful wizard to send or receive international payments, download statements, manage recipients and more, all within a few clicks. In addition to this, they also released an automated WhatsApp messaging service to assist clients with transferring money internationally entirely autonomously. To cater for customers who prefer to talk directly to an expert rather than use technology, Future Forex assigns a dedicated Account Manager to each client, who they can call, email or WhatsApp directly. 

To date, Future Forex has processed over R32 billion worth of forex transactions and is one of the most highly rated Fintechs in South Africa on Google. With their client-first approach at the core of their mission, the company’s dedication to excellence extends beyond its product offerings. Future Forex has invested thousands of hours in continuous development, research, and experimentation, always striving to enhance their range and level of service with a firm commitment to innovation, automation and full transparency. This dedication was recognized when they won GFM Review's Most Innovative Payments South Africa 2024 award.