Exclusive: FxPro goes live with offshore bank BankPro
FNG Exclusive… Further to our report from last month that Cyprus based Retail FX broker FxPro was “branching out” into online commercial banking with a new brand BankPro, FNG has learned that the group’s new brand and website (at bankpro.com) are now live and operational, although it is unclear if the new operation is actually onboarding live clients as yet. Signup to the service is only via BankPro’s downloadable mobile app.
FxPro had earlier dipped its toe in the waters of online banking, launching the BnkPro private banking app in partnership with Currencycloud. However this is a much more ambitious, and capital intensive, operation.
BankPro is based in the Bahamas, where FxPro became one of the first FX/CFD brokers to get a license from the Securities Commission of The Bahamas (SCB), in 2017. BankPro Ltd is authorised and regulated by the Central Bank of The Bahamas.
FxPro recently broke ground on a planned 16,000 square foot, $12 million office building complex in Nassau, The Bahamas, to eventually house the operation. The company has hired longtime Fidelity Investments executive Andrew Pike to be the CEO of BankPro.
BankPro states that its vision is to provide the “mass affluent market” with a multi-currency digital wallet, which will allow clients to have access to their money through the issuance of a Mastercard debit card. This will be achieved via a simple and intuitive mobile app, which will permit clients to have clear visibility on their expenses, take advantage of competitive exchange rates and make transactions through SEPA, SWIFT, BACS and CHAPS.