CAB Payments has announced that its subsidiary, Crown Agents Bank Limited, has received regulatory approval to operate a representative office in New York. Over time, we would expect this development to boost growth in the greater Americas region, and in particular the LATAM regions of South and Central America.
We knew the licence application process was underway and, as detailed in our April initiation report, it will help to build additional and stronger relationships with US-based US Dollar clearing partners, which are key to the execution of CAB’s FX and cross-border payments transactions. It allows CAB to solicit business directly in New York, and ramp up ‘in-market’ sales efforts.
We remind readers that the New York office follows the setup of CAB’s EU office in Amsterdam (licensed April 2024), and that a further licence application is in process to operate an office in Abu Dhabi. All of these footprint expansions form part of CAB’s strategic plan to be a primary player in moving money for clients (both ways) between developed markets (mostly Europe and North America) and emerging markets (mostly Africa, Asia, Middle East and Latin America – with a focus on ‘hard to reach’ frontier markets). The granting of the New York licence shows strong execution against that plan.
