The partnership will provide members of the Scottish Chamber Network with the opportunity to manage currency risks and benefit from competitive foreign exchange rates, in addition to free FX health checks for finance teams.

Originally planned for March, the launch was delayed due to the coronavirus pandemic; however, it is now even more important than ever due to the impact of COVID-19 on international trade and profitability.

This partnership will provide a valuable service for the Network by strengthening our international trade offering. It will aid in reducing costs and risk for members and will generate revenue for participating Chambers.

It supports SCC’s wider work with the Scottish Government to get businesses ready for Brexit. It will boost Scotland’s exporting performance through a range of international trade services and give direct support to the Scottish business community.

Niall Handy, moneycorp’s head of sales for Scotland and Northern Ireland, said: “This partnership is incredibly exciting and a key strategic move for Scottish businesses during these tumultuous times. “One of the great advantages that we can offer businesses is that we have offices across the world, so our customers don’t just get global servicing, but also local insights.

“Having this access to local expertise will help defend Scottish profit margins and boost commercial returns.

“Far too many firms fail to record FX costs as a line item, resulting in hidden charges being levied by most retail banks. We believe in absolute transparency and look forward to working with Scottish Chambers of Commerce to boost the global competitiveness of Scotland’s businesses.”

Dr Liz Cameron, SCC chief executive, added: “This partnership will provide a valuable service for the Scottish Chambers of Commerce network and will strengthen our international trade offering.

“It will provide foreign exchange transactions, help and guidance based on comprehensive market knowledge and experience, as well as aid in reducing costs and risk for our members. We look forward to working with moneycorp to realise the benefits of this partnership for the Scottish business community.”