How Douugh’s (ASX:DOU) alliance with OFX would benefit its customers

Summary

  • Douugh Ltd (ASX:DOU) said that it has entered into a partnership with OFX Group to offer its foreign exchange services.
  • The AI-powered financial well-being app provider said that the long-term partnership was expected to benefit its customers from OFX's 'bank-beating' exchange rates.
  • The Australian foreign exchange provider would be Douugh's exclusive partner for foreign exchange for 'Goodments by Doough' app.

Douugh Ltd (ASX:DOU) on Wednesday announced that it has entered into a partnership with OFX Group to offer its foreign exchange services. The AI-powered financial well-being app provider said that the long-term partnership was expected to benefit its customers from OFX's 'bank-beating' exchange rates.

Source: ©Miflippo  | Megapixl.com

The Australian foreign exchange provider would be Douugh's exclusive partner for foreign exchange for 'Goodments by Doough' app.

Douugh also said that the partnership with OFX could be extended to offer international money services as an integrated feature in the Doough banking app over time.

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What company says

Commenting on the development, Douugh's Founder and CEO Andy Taylor said that forex was expected to become a key component of the platform over time as the company looked to facilitate investing in the US securities.

                     

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Sharing his views, OFC (APAC) President Yung Ngo said that the international investment, particularly equities, have been a growing market for OFX. So, a partnership with Douugh would be an exciting task.

Under the partnership with OFX, the Australian customers would pay a forex fee to convert between AUD and USD to buy and sell US securities. OFX would pay a portion of this fee to Douugh as a revenue share. The new partnership would start immediately with an initial term of three years unless terminated by the company giving 90 days’ notice.

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Source: © Herrbullermann  | Megapixl.com

Stock performance

On 1 June 2021, the stock closed unchanged at AU$0.11, compared to the previous closing on 31 July 2021. Douugh competes with AUB Group Ltd  (ASX:AUB), Janus Henderson Group plc (ASX: JHG), Netwealth Group Ltd (ASX:NWL), Hub24 Ltd (ASX:HUB), Commonwealth Bank of Australia (ASX:CBA), and National Australia Bank (ASX:NAB) in the financial sector.

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