Last checked at 16 Sep 2022 07:00
16 September 2022
Argentex Group PLC
("Argentex" or "the Company")
Netherlands Electronic Money Licence granted
License provides gateway for Company's EU growth ambitions
Argentex Group PLC (AIM: AGFX), the provider of bespoke foreign exchange services to institutions, corporates and high net worth private individuals, is pleased to confirm that the Dutch National Bank has granted Argentex BV, a subsidiary of Argentex, an Electronic Money Institution ("EMI") licence in the Netherlands.
The EMI licence underpins the Company's differentiated and uncompromising approach to regulation, enabling it to fully operate in all areas of its planned business and access the growing Dutch market, as well as providing a springboard to further expand across other EU territories over time. The award is a key milestone in the delivery of Argentex's international growth strategy making the Company one of the very few holders of this category of licence in the Netherlands.
A supervisory and management board will oversee the affairs of Argentex BV and will be Chaired by Eppo Heemstra. Eppo has extensive experience in international financial services and payments including 25 years at ABN AMRO and several board positions at fintech companies.
Harry Adams, Chief Executive Officer, Argentex Group PLC, said: "This is an exciting moment for our business, providing further regulatory validation and creating a proven gateway to Europe via a credible jurisdiction as our internationalisation strategy deepens. Eppo's in-depth sector expertise will be an asset to us as we gather momentum in the Netherlands and further build a long-term sustainable growth strategy built around the success in our home UK market and latent demand for our services in the highly regulated markets of Netherlands, Australia and in time across the EU.
"Argentex places regulatory compliance and risk management at the heart of its business strategy and obtaining an EMI licence from a gold standard EU regulator is testament to this unrelenting focus."
Eppo Heemstra, Chair of the supervisory board, added: "The Company has a high-quality, resilient business model - anchored by best practice risk management - that is highly scalable and replicable across new jurisdictions. I look forward to helping the Company leverage this significant milestone and implement its ambitious and exciting growth plans as it expands into the European market."
For further information, please contact:
Argentex Group PLC
Harry Adams - Chief Executive Officer
Jo Stent - Chief Financial Officer
investorrelations@argentex.com
FTI Consulting (Financial PR)
Ed Berry / Ambrose Fullalove / Jenny Boyd
argentex@fticonsulting.com
Singer Capital Markets (Nominated Adviser and Broker)
Tom Salvesen / James Maxwell / Justin McKeegan
020 7496 3000