FASA represents around 17 business sectors in South Africa – a figure that pales compared to other countries that boast anything from 50 to 70% of their business sectors going through the franchise system. FASA is proud to welcome BeztForex as a member that is spearheading a completely new category in the Financial Services franchise sector, offering exciting franchise opportunities in banking space of providing Foreign Exchange products and services to importers and exporters from all market segments.
Why invest in a BeztForex franchise, a financial service franchise?
BeztForex was founded in 2012 by Ex International Banker, Herman Bezuidenhout, following a 33-year career within the FirstRand Banking Group. He now has 40 years’ experience as an international banker within leading South African financial institutions and as an entrepreneur, encompassing marketing, sales, operations and general management, at senior management and executive levels.
BeztForex has been operating since March 2012 and is currently the largest FX intermediary company in Sasfin Bank. The success of BeztForex can be attributed to the following key elements:
- Client centric approach – we are obsessed with client service!
- Sasfin Bank alliance and business model
- Unique FX trading, payment and risk management online portal
The BeztForex team has combined global trade, foreign exchange and international banking skills of more than 100 years. You will be joining a team of highly experienced international bankers.
We equip our Franchisees to be successful by providing them with a proven business system. We constantly develop our business system to ensure our growth as well as the growth of our Franchisees.
Benefits of owning a BeztForex franchise:
- Fully regulated Financial Services Business, with its focus on providing foreign exchange services to importers, exporters and investors.
- Import/export industry in South Africa accounts for more than 60% of South Africa’s GDP.
- Aligned to a recognised and respected national and international brand.
- A proven, secure, low cost and profitable business model.
- No need for staff, stock, premises or operational structures.
- The only franchise of its kind in South Africa.
- Strong and clearly differentiated product offering.
- Strong operational and training support team.
Profile of ideal BeztForex Franchisee
BeztForex is a banking franchise with its core focus on the provision of Foreign Exchange products and services to importers and exporters from all market segments. The target market includes small, medium and large clients as well as high net worth individuals.
Due to the unique business model of BeztForex where most back, middle and front office functions are outsourced to our banking partner; the main component of the franchise is the focus on new client acquisition as well as maintaining relationships with existing clients.
Naturally, foreign exchange and global trade skills and experience will be a major advantage; however it is not essential as the Franchisor will provide intensive on-the-job training for prospective franchisees that otherwise meet the qualifying criteria to be a BeztForex franchisee.
Skills, knowledge, attributes, qualifications and characteristics required are as follows:
- Leadership and Managerial skills
- General Banking Skills (will be an advantage)
- Foreign Exchange and International Banking Skills (will be an advantage)
- Obsession with client service
- Business acumen
- Sales skills
- Entrepreneurial mindset
- Positive attitude
- Existing registration with the Financial Sector Conduct Authority as a FX representative (FSB) (will be an advantage)
- Matric and an approved FSCA qualification. (Qualifying franchisees will have 2 years to pass the FSCA regulatory exams and a further 4 years to gain an approved FSCA qualification). Many degrees, diplomas and other certificates qualify as approved qualifications. Qualifying franchisees that are not currently registered with the FSCA, will be registered under the licence and supervision of the franchisor. It follows that all franchisees must be “fit and proper” from an FSCA perspective.
The FSCA’s “Fit and proper “requirement means that franchisees must at all times comply with:
- Honesty and Integrity requirements that are applicable to all FSPs, key individuals, representatives and compliance officers.
- Competency requirements that consist of experience and qualification requirements that are applicable to all FSPs, key individuals and representatives.
- Operational ability requirements that are applicable to all FSPs, key individuals and representatives.
- Franchisee must be solvent and maintain clean financial positions.
- An Authorized Financial Services Provider – FSP 44383.
- Authorised by the South African Reserve Bank to operate as a foreign exchange intermediary company.
- Registered with the Financial Intelligence Centre.
- Accredited Sasfin Bank Foreign Exchange Intermediary.
- Accredited Sasfin Bank Business Introducer.
- Accredited Foreign Exchange and Global Investments Introducer for SCM DMA (Pty) Ltd, trading as DMA (Direct Market Access), a subsidiary of Sasfin Group as well as Saxo Bank Group Denmark.
About Sasfin Bank: Sasfin Bank is an independent and diversified banking and financial services group and has been listed on the Johannesburg Stock Exchange since 1987. Sasfin’s products and services are designed to protect and grow its clients’ financial assets and are integrated to create a bespoke solution for their specific needs.
About Saxo Bank: The Saxo Group is a leading multi-asset trading and investment specialist and a fully licensed bank under the supervision of Danish FSA, headquartered in Copenhagen and operating in financial centers around the world including London, Paris, Zurich, Dubai, Singapore, Shanghai, Hong Kong and Tokyo. Saxo facilitates trading and investing for private and institutional clients, providing access to global markets and a broad range of asset classes and tradable instruments. All unified on their robust and intuitive trading platforms, incorporating everything from personalized watch lists to tailored charts, news filters and risk management tools.
For more information visit Beztforex