Revolutionising FX Risk Management through empowerment and compliance

**Issue:**

There are two interrelated challenges in the foreign exchange (FX) realm. Firstly, a significant portion of small and medium enterprises (SMEs), around 58%, lack comprehension regarding the complexities involved in managing risks associated with FX transactions. In 2022, companies engaging in payments ranging from £10k to £1m experienced average losses of £365k (mode £70k), resulting in a cumulative loss across all industries amounting to £5.6 billion.

Secondly, banks and brokers possess limited insight into the operations of their SME clients, thereby hindering the formulation of tailored financial hedging strategies to financial market regulations/compliance. Consequently, businesses and consumers remain vulnerable to inadequate and non-compliant risk management practices.

**Innovation:**

Our technology aims to achieve two key objectives: firstly, to enhance clients' comprehension and management of FX risk, currently obscured, and secondly, to ensure responsible FX sales practices by both banks and brokers in alignment with regulatory requirements, currently characterised by inconsistency. Moreover, we aspire to leverage data insights and AI technology to empower clients, facilitating informed decision-making. The technology will continually "learn" best practices under various market conditions.

We draw parallels with wealth management, where client portfolio management is consistent across market players, adhering to world-class regulatory standards, albeit with room for improvement in client insights. FX risk management lacks this rigor, presenting a clear and pressing need in the FX market. MIRA is designed to bridge this gap by offering robust technology capable of scalability and global deployment, akin to existing platforms in wealth management.

We plan to integrate AI tools, including machine learning, to establish best practices and enhance the model continuously. The system will be adaptable to integration with any bank or FX broker, ensuring widespread adoption. To achieve high adoption rates, we prioritise a highly secure and intelligent SaaS-based platform.