In response to the risks posed by Brexit, FX specialist Monex Europe 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 31st December 2020.
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 specialised financial services. The Luxembourg branch is Monex Europe's third 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 localised service to new and existing clients. In 2017, the company launched its North American subsidiary, Monex Canada, which focuses on providing local support to corporate clients in North America. A year later Monex 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".