This article by Emma Deighan was first published in Ambition Magazine, Issue 68
Kevin McNaboe, FX Sales Associate at Argentex, is at the forefront of the company’s expansion in Northern Ireland. With a deep understanding of the unique challenges faced by local businesses trading in multiple currencies, he is dedicated to helping companies manage currency risk and potential effectively.
Argentex, a global expert in currency risk management, provides bespoke financial services to medium-sized businesses, helping them navigate currency fluctuations. Since its 2012 founding and London Stock Exchange listing in 2019, the company has expanded internationally, with significant growth in Northern Ireland.
He begins, “The reason Argentex came about was because we identified a gap in the market where medium-sized businesses weren’t getting the services they needed. Smaller businesses were being well-serviced by competitors, and larger companies were getting attention from their banks. This left a grey area in the middle, with businesses ranging from £5 million to £100 million in turnover, which were influential but not quite large enough to warrant the focus of traditional banks. That’s where we come in.”
Kevin’s connection to Northern Ireland is personal. Having grown up in Belfast, he initially thought that his target market would be local. To his surprise, however, many businesses in the region were already clients of Argentex. “When I joined 18 months ago, I thought Northern Ireland would be my target market, but I quickly discovered that we already had a solid client base here. Since then, I’ve worked to build on that, expanding into sectors like start-ups, biotech, and health tech. Our goal is to continue growing our presence in Northern Ireland.”
Argentex offers a tailored approach to currency risk management.
“A one-size-fits-all approach simply isn’t helpful. We sit down with the CEO or CFO of a business, get to know the ins and outs of their operations, and work out exactly what support they need. This way, we can offer something truly bespoke, especially for businesses that don’t have a finance team dedicated to managing currency risk. We essentially become their outsourced treasury department.”
As Kevin explains, businesses in the import/export sector face particular challenges with currency fluctuations, and Argentex works closely with these companies to create risk management strategies that shield them from the volatility inherent in international trade. “We offer a number of products, and the key is understanding the unique needs of each business. Some businesses come to us with a fixed exposure, others with a strategy for budgeting rates that protect them from currency fluctuations.”
Despite being a global company, Argentex ensures that it provides localised expertise to businesses in Northern Ireland. “Being from Belfast, I have a unique insight into the business environment here. I know where the pain points are,” he says. “While we’re a global company with a presence in multiple countries, we’re able to provide the tailored support that local businesses need.”
For businesses operating across diverse geographical regions, the challenges of currency management can be significant. Northern Ireland, for instance, faces the unique situation of having two currencies on one island creating an inherent currency exposure for businesses that operate across the border. “But Northern Ireland is also a hotspot for foreign investment, which is bringing in euros and dollars” Kevin explains. “Companies want to protect themselves from losing money on currency exchanges, especially when dealing with foreign investment.”
Fintech plays a critical role in enhancing the efficiency and effectiveness of currency risk management. Argentex has invested significantly in technology to support its services, ensuring that businesses benefit from both a personal approach and the latest technological advancements. “We’re always moving forward, keeping pace with technological advancements to ensure that we can offer our clients the best possible service.” Kevin says.
However, he emphasises that despite the increasing reliance on technology, the personal approach remains central to Argentex’s offering.
“A lot of companies may rely on technology alone, but at Argentex, we believe in the personal touch. We focus on understanding each client’s unique needs and providing a bespoke service backed up by technology.”
Looking ahead, Kevin highlights the importance of being proactive in managing currency risks, especially in the face of global uncertainty. “Instability in markets is a key trend that businesses need to be prepared for,” he says. “Whether it’s the instability in France and Germany, the ongoing conflict in Ukraine, or geopolitical tensions in the Middle East, there’s a lot of uncertainty that leads to market volatility.”
With 2025 now upon us, Kevin sees continued uncertainty as a defining theme for businesses. “Instability and change are the key factors. Businesses need to be more proactive, have a plan in place, and work with experts like us to protect themselves from currency fluctuations,” he advises.
For business owners new to managing global currency risks, Kevin suggests taking a proactive approach. “The first step is to be proactive, not reactive. You need to have a plan in place, set your budgeting rates, and ensure that your exposure is protected,” he says. “If you’re reactive, you could end up losing 5% on a currency fluctuation, which could have a significant impact on your bottom line.”
For businesses seeking to better understand and mitigate currency risks, Kevin stresses the importance of working with a specialist. “It’s our job to help you understand and manage currency risks. You don’t need to be an expert—just reach out to us, and we’ll guide you through the process. Our goal is to make sure that our clients are well-prepared for the fluctuations that can affect their business.”