The two companies are said to be “highly complementary”. Credit: Inside Creative House/ Shutterstock.

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

This deal is contingent on standard closing conditions including regulatory clearances. 

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The move is aimed at supporting Banking Circle’s vision to set up a global hub for real-time clearing and settlement, expediting 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 is said to establish an Australian payments market leader. 

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

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

Banking Circle operates in Australia via its Australian Financial Services Licence (AFSL) subsidiary, BC Payments Australia, utilising ASL’s network to offer 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 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.” 

ASL CEO Mark Tibbles stated: “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.” 

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