Llega a Marruecos la plataforma de mercado de divisas de CaixaBank

CaixaBank has launched its foreign exchange market management application FxNow in Morocco. After 2 years of operation, and more than 15,000 transactions worth 3 billion euros in that time, FxNow crosses the Strait of Gibraltar.
 
The Bank presented its application at an event held in Casablanca, the economic capital of the country, at the beginning of June, in the company of Spanish diplomatic and consular authorities. The event was attended by Alberto Carnero Fernández, Consul General of Spain in Casablanca; Juan García Muñoz, President of the Spanish Chamber of Commerce of Casablanca; Manuel Vicente Rodríguez, Economic and Commercial Counsellor of the Spanish Embassy in Casablanca; and Razki Mounir, Director of the Directorate of Foreign Exchange and Currency Operations of the Moroccan Central Bank. 

According to CaixaBank, this is the first and only application by a Spanish bank to combine international transfers made through electronic banking with online exchange rate management. 
FxNow is sold as an application with a simple, intuitive and easy-to-use interface, as well as having managed to adapt to the changes in legislation and market necessary to be implemented in Morocco. 

According to the statement released by the Spanish entity, Morocco is the first step in an expansion that aims to reach more African countries. Morocco has been chosen as the launching country because of the country's financial infrastructure, the most advanced on the continent according to the Institute of Foreign Trade (ICEX) of the Spanish Ministry of Foreign Affairs. Added to this is the new climate of diplomatic relations between the two governments, which are favouring trade exchanges and business investment. 

CaixaBank has had a banking licence in Morocco since 2009. Since then it has opened three branches in Casablanca, Agadir and Tangiers. The services it offers are mainly aimed at Spanish companies internationalised in the Maghreb country. According to data provided by ICEX, 60% of the 800 Spanish companies with operations in Morocco are CaixaBank clients. 

The financial institution's statement suggests that in addition to Spanish companies, CaixaBank is also trying to penetrate the local market and offer services to Moroccan companies.