The winners of the 2016 TFG Currency Awards were announced this week (on Friday 19th February). The awards recognised and rewarded innovative practice in the industry.

This was a first for Trade Finance Global, introducing categories which promote currency transfer, provide marketplaces for SMEs to exchange and trade currency, and generally promote international trade. The TFG Currency Awards recognise exceptional candidates driving the sector and allowing SMEs to transact and trade internationally, a market worth $3tn USD per year.

Each category was judged by a panel of professional judges and 2016 was the biggest awards to date, choosing from over 30 companies across 3 currency sectors.

James Sinclair, Trade Finance Global editor said:

“Currency is a volatile commodity, and too often, businesses forget the impact this can have on global businesses, be that SMEs, or multinationals. A small fluctuation in FX markets can quickly erode profit margins, and put a basic trade deal at huge risk for any business. Currency companies who provide accurate and timely news, act as marketplaces for money transfer and / or currency purchase are hugely important to encourage international trade and drive competition in the marketplace.”

“We were proud to nominate winners across our categories this year. It’s been a pleasure for the judging panel reading independent reviews, talking to experts in the sector, and reviewing websites.

“It’s good to see that digital currency companies are striving for digital excellence. Trade finance is a growing industry and we really support currency companies driving innovation.”

David Brown, CEO of Best Exchange Rates believes that the international money transfer market is going through a digital revolution. He said:

“We see further consolidation in the IMT sector as revenue and profit requires an increasing customer base to get access to their transaction streams. There will be a continuing increase in digital transfers (bank account and mobile) which don’t require agent networks for cash in and out.”

Transparency is also disrupting the FX space. Alon Rajic, MD of MoneyTransferComparison (Best IMT Comparison Provider Runner Up) said:

“The international money transfer market is becoming a tad less secretive than it used to be. Firms like Transferwise, FairFX, Kantox and Currencyfair are more open about their rates and fees than ever before.”

The winners of the prestigious TFG Currency Awards for Excellence were greatly received and well deserved. Gary Howes, Director of Pound Sterling Live, and Best Currency Information Provider winner said:

“I am overjoyed. Recognition from one of the international trade industry’s leading names confirms we have been doing something right and we are going to double-down on our reader-centric philosophy. Thanks must go out to my small team who has helped get us here.”

Winners for the Awards and Interviews with CEOs can be found on the TFG website, and were as follows:

Best International Money Transfer Comparison Provider
Winner – Best Exchange Rates
Runner Up – Money Transfer Comparison

Best Currency Information Provider
Winner – Pound Sterling Live