Kerry-based financial services company Fexco to sponsor Tonga rugby team

Irish financial services company Fexco is to sponsor the Tonga national rugby union ahead of the 2023 Rugby World Cup.

The Kerry-based group has had operations in the Pacific and an office in Tonga for more than a decade, providing foreign currency exchange and international payment services to governments, non-profits, businesses and individuals.

Fexco said the partnership reinforces its commitment to “nurturing rugby at a grassroots level” and that its support for Tonga in its preparations for the World Cup aligns with its objective of “making a positive impact in the communities” where it operates.

Fexco’s sponsorship will also provide support for the team’s travel to France, as well as supplying necessary kits and training materials for their participation in the Rugby World Cup.

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As part of the sponsorship agreement, Fexco will display its logo, representing the Fexco Group, on the back of the Tonga rugby kit’s shoulders. Furthermore, its currency exchange brand, No1 Currency, will be prominently featured across the rear of the shorts.

Fexco chief executive Neil Hosty said the deal would mark the expansion of the group’s relationship with Tongan rugby and will see Fexco “support the game from grassroots right up to professional level”.

“We also look forward to launching similar initiatives across other locations in the region,” he added.

Tonga Rugby Union chief executive Peter Harding welcomed the announcement. “Rugby is a huge part of the Tongan culture, drawing immense support from communities across the islands,” he said.

“However, we have faced challenges in securing funding. That is why we are thrilled to have Fexco on board as our sponsors for the 2023/24 season.

“This sponsorship will play a crucial role in financing our preparations for the upcoming Rugby World Cup and establishing development structures to foster the game’s expansion throughout the country, benefiting players from all levels of our society.”

Fexco, founded 40 years ago by Brian McCarthy, was forced to restructure in 2021 after revenues from its foreign exchange and payment services businesses declined during the Covid-19 crisis and two subsidiaries fell into administration.