Travelex launches WBN operations in Middle East

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Travelex, a market leading foreign exchange brand and wholesale supplier of banknotes to more than 200 financial institutions and Central Banks worldwide, has launched its wholesale banknotes operations in the Middle East.

The business has already onboarded a wide range of retail bank and non-bank customers across the region, with plans to aggressively expand its client base across Europe, the Mena region and Asia in 2023.

Underpinning this growth is Travelex’s ability to leverage its international vault network and distribute banknotes across the globe, with the Middle East WBN business already undertaking shipments to and from Malaysia, Hong Kong, the UK and the Gulf region.

Global market share

By expanding the Middle East WBN business in 2023, Travelex is aiming to both become one of the leading wholesale banknote suppliers in the Middle East & Turkey and to further expand its global 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 & Cash Trans.

Batu Dolay, Commercial Director, Travelex Middle East and Turkey said: “Our aim is to become the leading WBN MSB in the Mena region by building out a stellar reputation for reach, reliability, pricing and speed.

“We pride ourselves on our unrivalled ability to source and distribute banknotes across the globe by leveraging Travelex’s global vault network, and 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.”