Head of Finance - Money Exchange

Industry: Business Group

Total Positions: 1

Job Type: Full Time/Permanent

Gender: No Preference

Salary: 5200USD - 6500USD (Monthly)

Education: Chartered Accountant

Experience: 10-20 Years

Location: Salalah, Oman

Skills: Financial Strategy, Reporting, Budgeting and forecasting, Team Leadership, Cashflow Management

Posted Date: 17-02-2025

Description:

The Finance Head for the Money Exchange division will lead the financial operations, strategy, and management of the exchange business. This role involves overseeing all financial processes, ensuring compliance with regulations, managing financial reporting, and providing strategic financial insights to senior management. The ideal candidate will have a strong background in finance within the non-banking financial sector, particularly in money exchange businesses or related fields, with at least 10 years of experience in the industry.

Key Responsibilities:

1.   Financial Strategy & Planning:

    • Lead the financial strategy and planning for the Money Exchange division to ensure growth, profitability, and compliance.
    • Develop and implement short-term and long-term financial goals, ensuring alignment with business objectives.
    • Analyze market trends, currency exchange rates, and financial data to inform decision-making and future financial planning.

2.   Financial Reporting & Analysis:

    • Oversee the preparation of accurate and timely financial reports, including profit and loss statements, balance sheets, and cash flow statements.
    • Analyze financial performance and present key insights to senior leadership, highlighting opportunities for cost control, efficiency improvements, and revenue growth.
    • Provide financial forecasts and monitor progress towards meeting business targets.

3.   Compliance & Risk Management:

    • Ensure compliance with local and international financial regulations, including AML (Anti-Money Laundering), KYC (Know Your Customer), and other financial industry standards.
    • Implement robust financial controls and reporting systems to mitigate risks, prevent fraud, and ensure the integrity of financial operations.
    • Conduct regular audits and risk assessments, taking corrective actions as necessary.

4.   Liquidity & Cash Management:

    • Oversee liquidity management and ensure the smooth operation of the money exchange business by managing cash flows effectively.
    • Implement strategies for optimal cash management, minimizing currency exchange risk, and maintaining sufficient liquidity to meet business needs.

5.   Cost Control & Profitability:

    • Monitor and control operational costs to ensure the financial health and profitability of the exchange business.
    • Analyze cost structures and identify areas for cost reduction or operational efficiencies.
    • Optimize pricing strategies for money exchange services to maximize revenue.

6.   Leadership & Team Management:

    • Lead, mentor, and develop the finance team to ensure high performance and continuous professional development.
    • Collaborate with other departments to align financial strategy with operational goals and foster a culture of teamwork.

7.   External Relations & Reporting:

    • Manage relationships with auditors, regulators, and external financial stakeholders.
    • Ensure that all regulatory filings, tax returns, and financial reports are prepared and submitted on time.
    • Represent the finance function in discussions with investors, bankers, and other external parties.

8.   Technology & Process Improvement:

    • Implement and oversee the use of financial technologies and systems to streamline operations and reporting.
    • Drive continuous improvements in financial processes and reporting accuracy.
    • Stay updated with industry trends and emerging technologies that can enhance financial operations.

Qualifications & Experience:

·         Education:

    • A degree in Finance, Accounting, or a related field.
    • Additional professional qualifications such as CFA, CPA, or similar certifications are preferred.

·         Experience:

    • At least 10 years of experience in the finance field, with a strong preference for candidates with experience in non-banking financial institutions (NBFIs), particularly in money exchange or remittance businesses.
    • Extensive experience in financial reporting, budgeting, and forecasting in a fast-paced, high-volume environment.
    • Demonstrated experience in managing financial operations, liquidity, and risk management in a money exchange business or similar financial institution.
    • Knowledge of local and international financial regulations relevant to the money exchange industry.

·         Skills & Competencies:

    • Strong leadership skills with the ability to manage and motivate teams.
    • Expertise in financial analysis, reporting, and forecasting.
    • In-depth knowledge of financial risk management practices and compliance regulations, particularly in the financial services sector.
    • Proficiency with financial software and systems, as well as advanced skills in Microsoft Excel.
    • Excellent communication skills with the ability to present complex financial information to stakeholders at all levels.