Midpoint Holdings Ltd.

September 18, 2013 15:48 ET

Midpoint Holdings Ltd. Press Release

TORONTO, ONTARIO--(Marketwired - Sept. 18, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Midpoint Holdings Ltd., ("Midpoint"), (TSX VENTURE:MPT). Midpoint.com, the peer to peer Foreign Exchange Service and International Payments Platform, announces twenty nine new payout countries including Japan, Hong Kong, Australia, UAE, Saudi Arabia, Israel, Brazil, Argentina and Chile.

These new payout countries have been added in response to demand from the organisation's rapidly growing client base. Midpoint launched in June 2013 to offer a fast and secure money-saving currency exchange service for businesses and individuals wanting to send US Dollars, British Pounds Sterling and Euros to overseas accounts. The organisation now has clients in the UK, Europe, America and Asia.

Brad Lemkus, Midpoint Director of Operations comments: "Our customers have varied business and individual currency requirements. These additional payout countries reflect these needs. For example, a UK customer buying computers from Asia may need to send US Dollars to Hong Kong as payment. Midpoint can now enable this transaction and save that customer significant money on each transaction, with our industry low rates and flat, transparent fee structure."

In real terms, a business exchanging £5,000 into Euros each week could typically experience savings of more than 2% - a £100 saving per transaction. This activity level would offer customers using Midpoint around £5,000 a year saving over traditional currency exchange methods.

Midpoint's patented technology which embraces a multi-party netting process was the first to 'match' foreign exchange requirements for individuals and companies - e.g. Midpoint matches an order to buy British pounds with Euros, to an order that buys Euros with British pounds. By directly matching businesses and individuals with opposite currency needs, Midpoint is able to eliminate the 'spread' or 'margin' component from all transactions. This is the mechanism by which current providers generate hundreds of millions in profits each year in the global foreign exchange markets.

With Midpoint, at the time of the match both parties receive the same exchange rate - the 'mid point' of the real time Interbank buy and sell rate. This ensures Midpoint's rates are the best available.

The full list of payout countries is in the "About Us/Coverage" section on Midpoint.com. New users can register free now at www.midpoint.com and enjoy the access, flexibility and cost savings of a non pre-funded matching currency exchange account.

Midpoint is regulated by the Financial Conduct Authority (FCA).

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this press release.

Contact Information

  • Midpoint Holdings Ltd.
    The Exchange Tower
    130 King Street West, Suite 3680
    Toronto, ON M5X 1B1

    Midpoint Holdings Ltd.
    John G. Booth
    Chairman & CEO
    +44 (020) 220 6382

    Midpoint Holdings Ltd.
    Marc Henderson
    Director
    +1 (416) 214 9910
    www.midpoint.com