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Banking Circle set to purchase Australian Settlements Limited

By Gloria Mathias

January 13, 2025

  • ASL
  • Australia
  • Australian Settlements Limited
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Banking Circle, Banking Circle Group, BC Payments, Australia, Skydo, MSMEs, India Businesses, FinTech Solutions, India Digital Payments, Cross-border payments, International Payments, Global Payments, India Fintech News, ASL, Australian Settlements Limited, Fintech News, Banking Circle, a Luxembourg-licenced bank and an international provider of next-generation banking services, has agreed to acquire a 100% stake in Australian Settlements Limited (‘ASL’), subject to regulatory approvals.

This acquisition marks a key step in Banking Circle’s goal of building a global hub for real-time clearing and settlement for all major currencies and accelerating its expansion into the Australian market.

The strategic combination brings together two complementary businesses that specialise in providing financial infrastructure to banks and payment businesses. It is expected to take a strong position in the Australian payments market.

Banking Circle aims to establish a unique proposition in the Australian market by combining ASL’s comprehensive local processing and clearing capabilities with Banking Circle’s global payments solutions. This combination will enable Australian financial institutions to access global payment solutions and open up Australian dollar settlement services to international players, thereby making financial services in the Australian market more accessible, seamless, and cost-effective.

Banking Circle currently operates in Australia through its regulated AFSL subsidiary, BC Payments Australia Pty Ltd, which provides local payment services. The proposed transaction will enable Banking Circle to accelerate its expansion into Australia and bring its entire product suite to the market.

Laust Bertelsen, CEO of Banking Circle, said, “Australia is a strategic market for Banking Circle due to its substantial cross-border trade flows, the global significance of the Australian Dollar, and its thriving FinTech ecosystem. We are deeply committed to expanding our operations in Australia to serve better our global clients and Australian financial institutions with seamless banking and payment services. This proposed acquisition represents a pivotal step forward for Banking Circle through the proposed addition of an Australian-licenced ADI with full Australian clearing capabilities. It would represent a significant milestone in our global expansion journey.”

Mark Tibbles, CEO of ASL, added, “This partnership marks a transformative milestone for ASL. It enables us to expand our capabilities and strengthen our organisation by leveraging Banking Circle’s global expertise and resources. Building on ASL’s comprehensive domestic capabilities will accelerate our long-term vision to become the leading payment provider in Australia.”

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