Banking Circle Makes Major Australia Play with ASL Buyout
Banking Circle has announced plans to acquire a 100% stake in Australian Settlements Limited (ASL), an authorised deposit-taking institution that provides settlement and processing services to Australian banks and payment companies.
Subject to satisfaction of certain closing conditions including regulatory approvals, the acquisition would enable Banking Circle to bring its complete suite of next-generation banking services to the Australian market.
Through its existing Australian Financial Services Licence subsidiary, BC Payments Australia, Banking Circle already offers local payment services via ASL.
Strategic importance for global payments
The acquisition comes at a pivotal moment when sophisticated cross-border payment infrastructure is becoming increasingly crucial for international trade and banking services.
Banking Circle's suite of sophisticated payments and banking solutions, delivered through its network of direct and indirect clearing access, positions the deal as strategically significant for the region.
“Australia is a strategic market for Banking Circle due to its significant cross-border trade flows and thriving banking and fintech ecosystem,” says Laust Bertelsen, CEO of Banking Circle.
“With this acquisition, we are reinforcing our commitment to providing seamless, cost-effective payment solutions to Australian financial institutions and our global clients.”
Integration and market impact
The strategic combination brings together two complementary businesses that specialize in providing financial infrastructure.
This integration aims to provide Australian financial institutions with enhanced access to international payment solutions while simultaneously opening up Australian dollar settlement services to international players.
The combination is expected to make financial services in the Australian market more accessible, seamless and cost-effective.
For ASL, the acquisition promises to enhance its service capabilities.
Mark Tibbles, CEO of ASL, says: “This partnership marks a transformative moment for ASL. By joining forces with Banking Circle, we will be able to significantly enhance our capabilities and provide even more value to our clients.
“Leveraging Banking Circle's global infrastructure will help us strengthen our position as a leading payment provider in Australia.”
Market landscape and regulatory framework
“Together, we can provide Australian and global clients with faster, more efficient payment services. This is a key growth opportunity for both organisations"
As an authorised deposit-taking institution, ASL operates under the supervision of the Australian Prudential Regulation Authority.
The complementary nature of the businesses – with ASL's comprehensive local processing and clearing capabilities and Banking Circle's sophisticated payments and banking solutions – positions the combined entity to take a leading position in the Australian payments market.
Banking Circle's award-winning network of direct and indirect access to clearing infrastructures, combined with ASL's settlement expertise, aims to make financial services more accessible for both domestic and international institutions.
The acquisition aligns with Banking Circle's vision of building a real-time clearing and settlement hub for all major currencies, while reinforcing its commitment to providing sophisticated banking solutions through established regulatory frameworks.
“ASL's strong local clearing capabilities, combined with Banking Circle's international network, create a compelling value proposition for financial institutions,” says Mishal Ruparel, CCO of Banking Circle.
“Together, we can provide Australian and global clients with faster, more efficient payment services. This is a key growth opportunity for both organisations.”
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