To complement its current operations in Europe and Asia, Travelex is expanding its wholesale banknotes business to the Middle East and North Africa (MENA) region.
While currently supplying wholesale banknotes (WBN) to around 200 financial institutions and central banks worldwide, Travelex is to now extend its operations to the MENA region, where the company has preemptively onboarded a range of retail bank and non-bank customers.
Through leveraging its international vault network, Travelex has confirmed that its Middle East WBN is already undertaking shipments to and from Malaysia, Hong Kong, the UK and the Gulf region.
This activity will be bolstered by the company’s existing presence in the neighbouring regions of Europe and Asia, where Travelex holds an established regional headquarters in Shanghai.
With plans to continue extending itself across MENA, Travelex is actively positioning itself to become the region’s primary wholesale banknote supplier while simultaneously expanding its market share.
In order to provide clients with the security that meets their needs, the WBN business has also invested in partnerships with multiple cash-in-transit providers including its UAE partner Transguard Group, Brinks, Loomis, Ava Global, G4S and World Security; WBN is also expanding to work with Etihad Secure Logistics and Cash Trans.
Batu Dolay, commercial director, Travelex Middle East and Turkey
While confirming the company’s delight at the launch of its wholesale banknotes operations in the Middle East, Batu Dolay, commercial director of Travelex Middle East and Turkey, reveals that the aim of this latest announcement is to “become the leading WBN money services business in the MENA region” by building out a “stellar reputation for reach, reliability, pricing and speed.”
“We pride ourselves on our…ability to source and distribute banknotes across the globe by leveraging Travelex’s global vault network,” continues Dolay. “In 2023 we look forward to building upon growing our client base to establish long-term partnerships across Europe, Asia, the wider MENA region and beyond.”
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