Banking Circle said Monday (Jan. 13) that it plans to accelerate its expansion into Australia with an acquisition of Australian Settlements Limited (ASL).
The acquisition will add ASL’s capabilities as an Australian authorized deposit-taking institution (ADI) to Banking Circle’s global payment infrastructure, the companies said in a Monday (Jan. 13) press release.
The companies’ agreement is subject to certain closing conditions, including regulatory approvals, according to the release.
“With this acquisition, we are reinforcing our commitment to providing seamless, cost-effective payment solutions to Australian financial institutions and our global clients,” Banking Circle CEO Laust Bertelsen said in the release. “This milestone brings us closer to our vision of creating a global real-time clearing and settlement hub for all major currencies.”
Banking Circle, which is a Luxembourg-licensed bank and an international provider of banking services, currently operates in Australia through its regulated Australian Financial Services License (AFSL) subsidiary, BC Payments Australia, according to the release.
The proposed transaction will enable the company to bring its full product suite to the Australian market, the release said.
Together, the companies will expand financial services in the Australian market by helping Australian financial institutions access global payment solutions and provide global players with Australian dollar settlement services, per the release.
“By joining forces with Banking Circle, we will be able to significantly enhance our capabilities and provide even more value to our clients,” ASL CEO Mark Tibbles said in the release. “Leveraging Banking Circle’s global infrastructure will help us expand our services and strengthen our position as a leading payment provider in Australia.”
Banking Circle launched its BC Payments unit in Australia in August 2023, saying the rollout was designed to offer FinTechs, banks and payments businesses in the country with global payments solutions.
In August 2024, Banking Circle and Skydo partnered to provide payment solutions for Indian businesses that operate in international markets. The companies said at the time that the collaboration will enable the small and medium-sized businesses (SMBs) using Skydo’s cross-border payments platform to offer their buyers in the United Kingdom and the European Union a broader range of local payment options.
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