AFEX, one of the world’s largest non-bank providers of global payment and risk management solutions, has launched AFEX Offshore Limited, its new service for businesses in the Channel Islands, Gibraltar and the Isle of Man.

Having been granted its Investment Business Services license by the Jersey Financial Services Commission, AFEX is now able to extend its comprehensive overseas payments and risk management solutions to businesses in Jersey, Guernsey, Isle of Man and Gibraltar from its base in Jersey.

AFEX has extensive experience of working with companies in the financial services industry and is looking to develop its already strong reputation in the trust and funds market in particular where there is a trend for businesses to diversify their risk away from banking counterparties and utilise AFEX’s vast product suite.

“We are excited to be launching AFEX Offshore in Jersey” said Stuart Holmes, General Manager EMEA for AFEX. “We look forward to offering our expertise and high-touch service to assist clients with their global payment, treasury and risk management needs.”

AFEX is partnering with finance specialist JCAP Treasury Services to offer its 30-plus years of experience and expertise in foreign exchange to JCAP’s client base of trust companies, corporates, family offices, asset managers and wealth managers.

Jeremiah O’Keeffe CEO of JCAP, said: “We are delighted to be able to offer AFEX’s services to our clients and to introduce their expertise, experience and comprehensive solutions to the offshore financial services industry. Financial institutions are increasingly recognising the benefits of outsourced treasury services and a foreign exchange service which combines a global payments solution with the successful management of risk is a key component of that.”

Holmes added: “Our relationship with JCAP gives us a great platform from which to build our presence across the Channel Islands and beyond.”