This year British Columbia’s economy is expected to lead the country with growth of 3%, according to a recent report released by the Conference Board of Canada. Last year Alberta and Saskatchewan led the way, but with the drop in oil prices and a sagging Canadian dollar, a new national economic climate has emerged.
One of the success stories in B.C. outside of its red-hot real estate market and the rise in international exports to Asian countries has been the emergence of Surrey. The Lower Mainland’s second-largest and fastest-growing city is now catching the eyes of the East Coast financial sector.
AFEX (Associated Foreign Exchange) is an international global payment, foreign currency and risk management company headquartered in California. Last year AFEX, which annually trades more than $15 billion in foreign exchange, acquired Canada’s Jameson Bank, and along with the acquisition came Canadian offices in Toronto, Ottawa and Montreal. When it came time to expand to the West Coast, AFEX hopped right over Alberta, bypassed Vancouver and Richmond and set up shop in Surrey. “Smart businesses will play smart cards and go where those funds are,” Jay Fischbach, AFEX’s Canada country manager, said, when asked to explain why the company picked Surrey over other locations. “It’s a great market for us; it’s our key target, which is the small and medium businesses.” In Surrey, business licences, both new and renewals, for home-based companies jumped from 6,347 in 2013 to 7,068 last year. Commercial/industrial business licences also rose from 8,375 in 2013 to 8,889 in 2014. This meant an 8% growth overall for businesses in Surrey, and a 27% increase in the number of new businesses in the city. AFEX’s offices will be located within the headquarters of the Surrey Board of Trade, which represents approximately 2,100 businesses in the city. Fischbach noted Surrey was an easy choice for AFEX’s first office west of Toronto. “When we went into the Vancouver market as a first step we had already had a lot of contact with the Surrey Board of Trade,” Fischbach said. “So it made logical sense to start with who you know.” The move is a huge step for the non-profit business organization and Surrey’s economic hopes for the future, said Surrey Board of Trade chief executive officer Anita Huberman. “We’re excited about partnering with AFEX in their latest expansion in Canada, as it serves to enhance the Surrey Board of Trade’s international trade goals,” Huberman said. “We have a shared mission to enhance the local community and further the interests of businesses in the region, both locally and globally.” Fischbach said AFEX will look to open another office in the Vancouver area “within the next six to 12 months.” He also noted a top priority is adding Chinese-speaking employees to its western operation to tap into a strong Asian foreign investment sector. In its announcement of the opening, AFEX said the key sectors it’s interested in are energy, mining, finance, insurance, real estate and corporate management. |
AFEX, which has more than 24,000 commercial clients including importers and exporters, educational and financial institutions, small businesses, multinational corporations and individuals, is seeking to compete with Vancouver Bullion and Currency Exchange, which has been operating locally since 1989, Fischbach said.
