Travelex is Capable of Operating on Stand-Alone Basis

With its indirect parent company preparing for potential insolvency, Travelex has released a statement this Wednesday, stating that it is capable of operating separately, on a stand-alone basis.

“Travelex reaffirms that it continues to take decisions, with input from PwC and supported by its other external advisors, regarding the operation of its business in the interests of all relevant stakeholders,” the company said in a statement seen by Finance Magnates. “Travelex notes that it has maintained a legal and financing structure within the Finablr Group that is capable of operating separately, on a stand-alone basis.”

Situation with Finablr

As Finance Magnates reported, Finablr, the indirect parent company of Travelex, revealed yesterday in an official statement that it has engaged an accounting firm to undertake rapid contingency planning for a potential insolvency appointment to maximize value in the Group.

This follows on from the global platform for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) revealing on Monday that it had doubts regarding its ability to continue as a going concern.

Specifically, Finablr said in a statement filed through the London Stock Exchange’s news service: “the Board is unable accurately to assess the financial position of the Company and there is a material uncertainty about the Group’s ability to continue as a going concern.”

Travelex focus on mitigating COVID-19 challenges

Following the recent announcements from Finablr, Travelex, a forex company specializing in international payments and FX exchange, highlighted that its operations continue as usual as it tries to mitigate the “sever challenges” created by reduced travel volumes in regards to COVID-19.

In addition to the company preparing for potential insolvency, this week, Finablr also revealed its Chief Executive Officer (CEO), Promoth Manghat, will be stepping down from his role as well as all other directorships and positions within the Finablr Group.

Following the announcement, the payments and FX platform said that it would immediately start searching for a new CEO, with Promoth agreeing to stay on board until the company finds a suitable successor.