Luxembourg-based payments bank Banking Circle has agreed to acquire Australian Settlements Limited (ASL) for an undisclosed sum.

This agreement is subject to standard closing conditions, including regulatory approvals.

The move is aimed at supporting Banking Circle’s vision to establish a global real-time clearing and settlement hub, accelerating its Australian expansion.

ASL is known for its settlement and processing services to banks and payment companies in Australia.

The two companies are said to be “highly complementary” and are said to establish an Australian payments market leader.

The integration of ASL’s local expertise with Banking Circle’s global payment solutions is expected to provide a competitive advantage in the Australian market.

It will enable Australian financial institutions to access international payment solutions and introduce Australian dollar settlement services to global players, improving the accessibility of financial services in the region.

Banking Circle operates in Australia through its Australian Financial Services License (AFSL) subsidiary, BC Payments Australia, using ASL’s network to provide local payment services.

Banking Circle CEO Laust Bertelsen 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 strengthening our commitment to providing solutions seamless and profitable payments to Australian financial institutions and our global customers. This milestone brings us closer to our vision of creating a real-time global clearing and settlement hub for all major currencies.”

ASL CEO Mark Tibbles said: “This partnership marks a transformative moment for ASL. By joining forces with Banking Circle, we will be able to significantly enhance our capabilities and deliver even greater value to our customers. Leveraging the global infrastructure of Banking Circle will help us expand our services and strengthen our position as a leading payments provider in Australia.”

In November 2024, Banking Circle partnered with Web3 money app Wirex to strengthen the latter’s financial operations globally.

“Banking Circle signs deal to buy Australian Settlements Limited” was originally created and published by International Retail Bankera trademark owned by GlobalData.

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