In February of this year there was a major announcement across all worldwide news platforms that G4S Secure Solutions was selling the majority of its “cash operations” to The Brink's Company. COVID-19 hit right on the heels of that announcement, and the actual changeover has been a bit slow coming. However as of August 31, 2020 it has become more official, and will generate a minor change in FundingNet operations moving forward.
From this point onward, we will not be offering G4S SKRs (safekeeping receipts) as the security for our clients entering our 80:20 program; moving forward it will only offer SKRs from Brinks, Malca-Amit or Ferrari Group. This will also be the case with our "Asset Backed" program - G4S SKRs will no longer be offered, in most cases it will be SKRs from Brinks, and for certain transactions from Malca Amit and Ferrari Group.
This will have no effect on the strength of the security offered to clients; it simply means that G4S is extricating itself from that end of their business. The responsibility for the vaulting of our gold holdings will be transferred to The Brink's Company, and they will issue the safekeeping receipts that pledge those particular assets instead of G4S.
FundingNet's traditional 80:20 program continues to experience COVID-related slowdowns in processing of deals; however we are still accepting new applications at this time. Our Asset Backed Line of Credit program continues to operate at full efficiency.
Related article for the sale of these G4S operations from to Brinks: