Banking Circle, a Luxembourg licensed bank specializing in next-generation banking services, is to acquire Australian Settlements Limited (ASL), a licensed deposit-taking institution.
The acquisition is subject to regulatory approvals and other closing conditions and is an important step. Bank circleGrowth in the Australian market.
ASL, which provides payments and processing services for Australian banks and payment companies, will complement Banking Circle’s existing operations in the region.
Banking Circle already operates in Australia through its regulated subsidiary BC Payments Australia. BC Payments Australia holds an Australian financial services license and works with ASL to provide local payment services.
The deal is expected to enhance Australian institutions’ access to financial services and enable international players to settle Australian dollar transactions more efficiently.
Laust Bertelsen, CEO of Banking Circle, said:
“Australia is a strategic market for the banking industry with significant cross-border trade flows and a thriving banking and fintech ecosystem.
With this acquisition, we strengthen our commitment to providing seamless, cost-effective payment solutions to Australian financial institutions and customers around the world. This milestone brings us even closer to our vision of building a global real-time clearing and payments hub for all major currencies. ”
Mark Tibbles, CEO of ASL, added:
“This partnership marks a transformational moment for ASL. Partnering with Banking Circle will significantly strengthen our capabilities and allow us to deliver even more value to our customers.
Leveraging Banking Circle’s global infrastructure will enable us to expand our services and strengthen our position as Australia’s leading payments provider. ”
Featured image credit: Edited from freepic
