Ethical Currency, a social enterprise based in London's City financial district, has committed 0.005 per cent of all its transactions to the Global Fund, set up to fight AIDS, tuberculosis and malaria.

The company was founded by foreign exchange trader Alastair Constance to offer charities, non-governmental organisations, social enterprises, businesses and individuals a direct and cost-saving alternative to using banks to receive, exchange and pay currency.

“The third sector transacts millions of dollars in currency every year. Because we offer our clients better-than-bank exchange rates and smart currency management tools, we protect donor funds and get more money to where it is needed most. At the same time we are creating an entirely new and sustainable funding stream for global causes that include poverty alleviation, health, education and environmental issues,” said Mr Constance. 

The organisation's founders believe that a currency transaction levy should be introduced. Campaigners have estimated that a tax levied at 0.005 per cent would bring in up to £35 billion (about $57 billion) a year - enough to enable the G7 countries to meet their 2005 Gleneagles summit commitment to double global aid.