HONG KONG, May 7, 2018 /PRNewswire/ --
Travelex, the world's leading independent foreign exchange business, has substantially strengthened its banknote infrastructure in Asia through an acquisition from United Overseas Bank (UOB).
The transaction involves acquiring certain assets of UOB's global wholesale banknotes business including its proprietary banknotes system, in Japan, Hong Kong and Singapore, together with taking on the licence and lease for vault premises in Hong Kong and Singapore.
The acquisition builds on the scale of Travelex's wholesale supply chain platform and enhances the group's ability to meet customer foreign exchange requirements in Asia and across the globe.
Travelex is part of the recently announced Finablr network of companies with category leading global financial services brands focusing on customer-led technology innovation.
Cameron Hume, Travelex Commercial Director (Asia) commented: "The acquisition will significantly enhance our offer and service to customers. Our improved service offering combined with our industry leading compliance expertise will support our drive to attract new customers for our wholesale banknotes and partners businesses in Asia.
Stephen O'Donovan, Travelex Chief Commercial Officer added: "Travelex has a strong track record for first-class control and compliance, risk management and high-quality expertise in sourcing and supplying currencies. We look forward to strengthening our offer and working with new customers throughout Asia."
Notes to editors
Headquartered in London, Travelex has a 140-year heritage in foreign currency, pioneering the travellers' cheques of the past and the digital payments of the future. With a presence in over 70 countries across six continents, and over 1,200 stores at both on-airport and off-airport locations around the world, Travelex has distilled its expertise and experience into a platform that reinvents physical and digital cross-border money movement globally to ensure its clients remain one step ahead of the competition. The platform provides financial institutions with a trusted, efficient and accurate international money transfer service, plus secure and reliable banknote delivery of both major and exotic currencies.
Travelex Group is also active in the remittances and payments space enabling physical and digital cross-border money movement for consumers and financial institutions. Travelex is part of the recently announced Finablr network of companies with category leading global financial services brands focusing on customer-led technology innovation.
Contact: Leon Lin, Leon.Lin@travelex.com.cn