Australian marine trade body, the Boating Industry Association Ltd (BIA), has announced a new partnership with foreign exchange provider Ebury, to support marine businesses in managing their currency risks and maximise profits.

“We are excited to welcome Ebury into the BIA partnership network,” says BIA chief executive Andrew Scott.

“This partnership enables us to access Ebury’s technologies, platforms and significant market strength in the competitive Financial Exchange (FX) sector, providing our members with exceptional value and marketing-leading expert support.”

Founded in 2009, Ebury has 24 global offices and is majority owned by Banco Santander. Providing access to local and global expertise and a suite of unique product offerings, the BIA says Ebury will help its member businesses to accelerate and simplify international finance.

“Ebury is delighted to partner with the Boating Industry Association,” Ebury‘s head of dealing, Patrick Idquvial. “Through this alliance, BIA Members will gain direct access to the Ebury team, providing valuable market insights and analysis to assist them in accurately budgeting and forecasting their FX needs.

“Taking the example of a boat dealer importing from the US or Europe, Ebury will monitor FX movements on behalf of the dealership so they can quickly adapt to changes and mitigate potential risks in USD or EUD rates. Further, we can offer the dealership a variety of hedging tools, such as forward contracts and options, to secure favourable exchange rates and protect their margins in these currencies.”

BIA says the new collaboration will provide its members with access to an exclusive range of benefits, including market-leading FX rates, forwards and options out to five years, forwards with no upfront deposits and transactions in over 140 currencies.

In addition, BIA members will further benefit from a trade finance package delivering unsecured lines of credit from $100,000 to $5m, 150 days term from invoice payment date and interest-only (0.8-1.2 per cent).

Scott adds: “I would encourage any BIA Member with current or future exposure to FX transactions to explore the benefits and opportunities this partnership offers. Competing in the global market in which our world-class manufacturers and dealership operate deserves a world-class FX partner, and with Ebury we are sure BIA Members will welcome the support now available to them.”

This is the third partnership to be announced in as many weeks for the BIA. Last month (July 2023), the BIA announced its had joined forces with automotive parts supplier Repco to drive value for its membership.

On 10 August 2023, BIA announced a strategic partnership with Viridian Advisory, a financial advice business. Scott says this collaboration aims to provide BIA members with ‘comprehensive financial advice from a trusted partner’ to enhance their investment management strategies.

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