The Island first started to emerge in South African consciousness as far back as the mid-19th century.
Manxman Joseph Mylchreest, a native of Peel, became known as the 'Diamond King' after emigrating to South Africa in 1859. He discovered diamonds at Kimberley, capital of the Northern Cape Province – today the country’s diamond mining centre.
But that wasn’t the end of his entrepreneurial exploits. Whilst in South Africa, he teamed up with another Manxman, Dan Corlett, and they went on to build one of the largest construction companies in the Transvaal.
In 1888, Mylchreest sold his diamond mines to the De Beers Company for a huge sum of money, returning to the Isle of Man a wealthy man where he channelled monies towards his less fortunate countrymen.
Years later, in the 1930s, Dan Corlett became Mayor of Johannesburg. He went on to persuade another Manxman, a schoolteacher called Philip Moore, to stand for the South African Parliament.
Moore was one of several brothers from the Isle of Man, who had settled in South Africa after the First World War.
He was successfully elected, serving in the South African Parliament for over two decades, where he was responsible for education and finance.
But there was something else where Moore left an indelible mark on the South African way of life. During his tenure, he was apparently responsible for the decimalisation of the currency, going on to christen the currency ’the Rand’.
Moore’s influence continued to grow in South African financial circles, later becoming president of the Johannesburg Stock Exchange. And would you believe it, his successor Willie Long, was born to a Manx mother.
The long association between the two countries continues to this day, with the Isle of Man boasting a thriving South African community, with the numbers who live and work here running into the many thousands. Likewise, many Isle of Man businesses have their roots established in South Africa.
The work of the South African Chamber of Commerce and Isle of Man Government-led initiatives have also sought to strengthen the underlying relationship.
Furthermore, the Isle of Man finance sector is one of the few Island jurisdictions with the physical capacity and policies in place to support real investment and new employment – combined with the benefits of low tax, government incentives and access to UK markets. This is seen as a major draw for many South Africans looking to relocate to the northern hemisphere.
World class Isle of Man-based FX assistance
This hive of activity is one major reason why it is so important to have first class, on-Island FX expertise at the disposal of South African businesses and individuals looking to settle here.
As a long-established, dedicated foreign exchange brokerage, MFX acts on behalf of businesses and private clients requiring international currency transfers. We already handle a considerable quantity of rand to sterling transactions
Above all, we appreciate the importance of being able to facilitate speedy, cost-effective cross-border money transfers. MFX is partnered with moneycorp, globally renowned exponents in the field of international payments, who regularly work with over 100 currencies worldwide.
Whether it be for business or personal reasons, for any South Africans engaged in the FX markets, we can offer a safe pair of hands to help you optimise the value of each and every transaction.
For a non-obligatory chat, call MFX on 01624 694731 email us at enquiries@mfx.im and we will get straight back to you.
MFX Ltd is a wholly owned subsidiary of the AIM-listed Manx Financial Group. Bank and a sister company of Conister Bank.