In response to the risks posed by Brexit, global FX specialist Monex Europe, part of the “Monex SAB de CV” group of companies, opens a new office in Luxembourg. The presence in Luxembourg will enable Monex to continue to provide foreign exchange and international payment services to customers based in Europe, without any disruptions after the Brexit transition period ends on December 31, 2020.
This move adds to Monex’s growing portfolio of offices, including its Toronto-based subsidiary Monex Canada, focused on providing local support to its corporate clients in North America.
Monex Europe is part of Monex SAB de CV (“Monex Group”) an investment grade, publicly listed financial services institution (BMV:MONEXB), and a leading player in commercial foreign exchange. The group services more than 70,200 clients worldwide, including listed companies, private companies and financial institutions from various sectors. Last year, Monex executed 6 million FX transactions. The Luxembourg office will operate as a new fully-fledged regulated entity “Monex Europe S.A.”
Nick Edgeley, Non-Executive Director and CEO of Monex Europe said:
To successfully respond to a post-Brexit environment, it was of the utmost importance for us to operate within the EU internal market to ensure that we can continue to meet all our customers’ needs. Luxembourg is known as a gateway to the single market and we are very pleased to have been licensed by the Commission de Surveillance du Secteur Financier to operate as an authorised payment service provider. Monex Europe S.A. also ensures a smooth transition of the services and products of Monex customers to a post-Brexit environment. In addition, it fits well with our growth strategy.
With the creation of the new entity Monex Europe S.A. in the heart of Luxembourg’s financial district, Monex secures its position in this European centre for specialized financial services. The Luxembourg branch is Monex Europe’s third largest office in Continental Europe, in addition to the offices in Madrid (since 2012) and Amsterdam (since 2015). Monex Europe is headquartered in London; the group’s head office – the listed Monex SAB de CV – is in Mexico City.
In recent years Monex has continued to build its success in Europe by expanding globally with a focus on delivering a proactive and dedicated localized service to new and existing clients. The Monex Canada office is a good example of this as the first subsidiary in the North American market. A year later in 2018, the company expanded further and established itself in Asia with the launch of MonFX, a subsidiary in Singapore.
Héctor Lagos, founder, Chairman of the Board of Directors and CEO of Monex SAB de CV said:
Monex is celebrating its 35th anniversary in the financial sector and during this period has pursued an ambitious plan for global expansion that today enables it to offer high-quality international payment services. We are confident that the opening of our office in Luxembourg will broaden the scope of our services in this important region for our company.
About Monex Europe S.A. within the Monex Group
Monex Europe S.A. is an authorised payment institution. The Luxembourg-based payment services provider will deliver services to clients across the EU/EEA in accordance with EU/EEA rules on financial passporting rights. It operates as a separate entity under Monex Europe Holdings Limited, headquartered in London. Monex Europe Holdings Limited carries out business in the UK under Monex Europe Limited and Monex Europe Markets Limited, and Monex Europe S.A. in Luxembourg, Madrid and Amsterdam through local offices. It also operates Monex Canada in Toronto, and MonFX in Singapore.
Monex Europe Holdings Limited is a subsidiary of the ultimate parent group, Monex SAB de CV (“Monex Group”), an investment grade, publicly listed financial services institution (BMV:MONEXB). The group’s principal activity is the provision of international payment solutions and foreign exchange services to corporate clients, and in 2020 celebrated 35 years of cross border transactional experience. In 2018, Monex Group was responsible for $189 BLN USD worth of deliverable FX transactions, and in 2019 held over $5.9 BLN worth of Assets. The group employs over 2,800 employees globally in offices spanning North America, Latin America, Europe, and Asia.