Banking Circle, a Luxembourg-licensed bank specialising in next-generation banking services, is set to acquire Australian Settlements Limited (ASL), an authorised deposit-taking institution.

The acquisition is subject to regulatory approvals and other closing conditions, marking a key step in Banking Circle’s growth in the Australian market.

ASL, a provider of settlement and processing services for banks and payment companies in Australia, will complement Banking Circle’s existing operations in the region.

Banking Circle already operates in Australia through its regulated subsidiary, BC Payments Australia, which holds an Australian Financial Services Licence and collaborates with ASL to deliver local payment services.

The transaction is expected to enhance financial services access for Australian institutions and enable international players to settle Australian dollar transactions more efficiently.

Laust Bertelsen, CEO of Banking Circle, said,

“Australia is a strategic market for Banking Circle due to its significant cross-border trade flows and thriving banking and fintech ecosystem.

With this acquisition, we are reinforcing our commitment to providing seamless, cost-effective payment solutions to Australian financial institutions and our global clients. This milestone brings us closer to our vision of creating a global real-time clearing and settlement hub for all major currencies.”

Mark Tibbles, CEO of ASL, added,

“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 expand our services and strengthen our position as a leading payment provider in Australia.”

Featured image credit: Edited from Freepik

This article first appeared on Fintech News Singapore