Morex Network is a business-to-business mutual credit network for SMEs across Moray. It allows member businesses to buy and sell with each other using interest-free trade credit — Morex Credits — rather than relying entirely on cash.
Morex Network is open to legitimate businesses and organisations based in or trading in Moray. You must be authorised to act on behalf of your business and provide accurate information when registering.
Details of any membership fees will be communicated clearly before you join. Any fees introduced will always be notified to members in advance.
Unlike a loyalty scheme, Morex Credits are a genuine trading currency used between businesses. Unlike traditional barter, you do not need a direct swap partner. You sell to any member, earn Morex Credits, then spend them with any other member.
How it works
Mutual credit is a system where businesses create credit together as they trade. When you sell, your Morex Credits balance rises. When you buy, it falls. The network always balances to zero. Visit our What is Morex Network? page for a full explanation.
Ṁ1 = £1 sterling for all purposes — pricing, accounting, and VAT. Morex Credits are not legal tender, cannot be redeemed for cash, and can only be spent within Morex Network.
Yes. Transactions can be made in Morex Credits in full, or as a split payment alongside sterling. For VAT-registered businesses we recommend ensuring the cash portion covers at least the VAT element.
Each member is assigned a credit limit — the maximum negative Morex Credits balance their account can reach. You can spend up to your limit even if your balance is at zero, and bring it back toward zero by selling to other members.
Payments
You can make Morex Credits payments through the internet banking platform, via the mobile app, or by scanning a QR code. Search for the member you want to pay, enter the amount, and confirm.
Yes. Morex Network runs on the Cyclos app — download it free from the App Store or Google Play. Open the app and enter https://morex.network/ui/home as the URL when prompted, then log in.
Tax and legal
Yes. Because Ṁ1 = £1, VAT-registered businesses must charge and account for VAT on Morex Credits transactions exactly as they would on cash. See our Tax and VAT guidance for full details.
Record Morex Credits transactions at face value — Ṁ1 = £1. Treat your Morex Credits account like a separate trading account. Your full transaction history is available to download from the platform. See our Tax and VAT guidance for a full walkthrough.
Your data is handled in accordance with UK GDPR. Read our Privacy Policy for full details.
Getting started
Register your interest using the form on our homepage. We will be in touch to complete your registration once the network is ready to launch.
Get in touch at admin@morex.network. We aim to respond within two working days.