SINGAPORE, 12 NOVEMBER 2025

Banking Circle S.A. (Banking Circle) is pleased to announce that its wholly owned subsidiary BC Payments Pte. Ltd. (BC Payments Singapore) has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).

A significant milestone in Banking Circle’s global expansion strategy, BC Payments Singapore is now fully licensed to facilitate frictionless, scalable, and compliant cross-border payment flows for banks, fintechs and global payment providers in Singapore.

“Securing the MPI license from MAS is a crucial progression in Banking Circle’s mission to build the payments infrastructure for the global financial economy,” said Mishal Ruparel, Chief Commercial Officer of Banking Circle. “Singapore’s progressive regulatory framework and status as a leading global financial centre make it the natural base for our regional expansion and a strategic hub for our Asia Pacific operations. With this license, we are well placed to support our clients’ global payment needs and accelerate instant, low-cost payments in the region.”

Marc Chua, CEO of BC Payments Singapore, added: “Since its establishment in 2022, BC Payments has grown into an integral part of Banking Circle’s global network and now serves as its Asia Pacific hub. Singapore’s proximity to fast-growing digital economies enables us to stay ahead of client needs, and this achievement marks just the beginning of our journey to further strengthen cross-border payment connectivity.”

BC Payments Singapore has expanded its local presence and capabilities, leveraging Banking Circle’s global clearing infrastructure to connect international financial institutions with local clearing rails through a single API. The MPI license underscores Banking Circle’s commitment to enhancing the reach and reliability of real-time global payments.

For media queries, please contact:
Banking Circle
Gaya Ananda
gaya@bankingcircle.com

About BC Payments Pte. Ltd.
BC Payments Pte. Ltd. (BC Payments Singapore) is a wholly owned subsidiary of Banking Circle S.A., a fully licensed bank headquartered in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF).

BC Payments Pte. Ltd. is a Major Payment Institution (Licence No. PS20200718) regulated by the Monetary Authority of Singapore (MAS). BC Payments Singapore is authorised to provide a range of payment services, including Account Issuance, Domestic Money Transfer, Cross-border Money Transfer and E-money Issuance.

BC Payments Singapore is committed to enabling cost-efficient and seamless cross-border payments. Empowered by Banking Circle S.A, BC Payments will leverage the global multi-currency clearing network for major currencies, and provide innovative solutions such as multi-currency accounts, local and cross-border payments, all backed by industry-leading compliance and security standards.

LONDON, 7 OCTOBER 2025 – To meet India’s growing demand for seamless cross-border transactions, Banking Circle will enable EbixCash World Money (‘EbixCash’), a leading AD-II licensed foreign exchange and remittance provider in India, to offer faster and more transparent international money transfers.

This move will drive efficient and fully compliant international payments for Indian students and travellers, offering real-time tracking, lower charges and accelerated settlement. It also lays the foundation for scalable cross-border payouts capabilities, which will be extended to SMEs and corporate flows pending regulatory approval.

“By combining EbixCash World Money’s AD-II expertise with Banking Circle’s direct and local clearing, we are giving Indian students, travellers and businesses the speed, transparency and control they expect from a modern cross-border payments platform,” said T. C. Guruprasad, MD & CEO – Payment Solutions, EbixCash. “Opening our own multi-currency nostro is a structural shift – from agent-based transfers to infrastructure-grade payments – reducing costs and uncertainty while elevating compliance and customer experience.”

With Banking Circle’s local clearing infrastructure, EbixCash can now offer direct settlement via local rails across key corridors including the UK and EU. Leveraging Backing Circle’s virtual IBANs and structured references, this will also eliminate hidden costs, improves traceability and simplifies reconciliation – critical for universities, travel providers, and customers navigating complex documentation.

“We are creating a future-ready platform that will address current market gaps and redefine how India connects with the global economy. Our correspondent banking network coupled with EbixCash’s AD-II and remittance expertise will enable cross-border payments that are faster, more transparent, and fully compliant,” said Mishal Ruparel, Chief Commercial Officer at Banking Circle.

This development reinforces Banking Circle’s commitment to building embedded financial infrastructure tailored to local market needs, as part of its global expansion strategy.

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About Banking Circle S.A.

Banking Circle S.A. is a public limited liability company (Société Anonyme) and a credit institution (e.g., a bank) headquartered in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF) as its home regulator. Banking Circle S.A. has branches in Denmark, Sweden, Germany, and the UK, and subsidiaries in Liechtenstein, Singapore, Australia and Norway. As a fully licenced bank, Banking Circle S.A. enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost.     

Banking Circle S.A. is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market leading compliance and security. Through bespoke, flexible, scalable and futureproof solutions Banking Circle S.A. is enabling financial institutions to help their customers transact across borders in innovative ways.     

About EbixCash World Money

EbixCash World Money is part of EBIXCASH Exchanges, which is an Authorized Dealer category-II license entity under Reserve Bank of India with a rich experience of 27 years for undertaking foreign exchange and money transfer business. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 23 international airports and 100 branches in 70 cities including Delhi, Mumbai, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. Under EbixCash, we have physical distribution outlets of 320,000 in India and other Southeast Asian Nations (“ASEAN”) countries, where we are engaged in the business of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, etc., in India and other markets. EbixCash, through its travel portfolio, is one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,000+ agent network and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year.

SYDNEY, 4th August 2025

Banking Circle S.A. (Banking Circle), the next-generation technology-led payments bank, has completed the acquisition of Australian Settlements Limited (ASL), which is a licenced as an Authorised Deposit Taking Institution in Australia (ADI). The agreement to acquire ASL was signed in December 2024, subject to certain closing conditions including regulatory approvals.

A significant milestone in the evolution of payments in Australia, this strategic acquisition unites ASL’s established ADI licence and deep domestic banking, payments and settlement experience with Banking Circle’s world-class cross-border payments and infrastructure capabilities. The newly integrated entity forms a powerful, end-to-end payments platform serving the needs of Australian and global financial institutions, cementing Banking Circle’s commitment to advancing the Australian financial ecosystem through the development and delivery of faster, more efficient, and more accessible real-time payment solutions.

“Bringing ASL into our global platform establishes an expanded presence for Banking Circle in Australia, one of our most strategically important markets,” said Laust Bertelsen, CEO of Banking Circle. “ASL has been a trusted partner to local financial institutions for decades. Together, we will empower banks, fintechs, and payment providers in Australia to offer faster, cheaper, and more secure payment solutions – at home and abroad.”

Key Benefits of the Acquisition:

• Enhanced Real-Time Payments Capability: The acquisition of ASL will enable Australian domestic and global financial institutions to access all domestic payment schemes including NPP, BECS, PayID, PayTo, and BPAY, while unlocking cross-border capabilities for the Australian financial institutions through Banking Circle’s multi-currency accounts, FX services, and global clearing network.
• Next-Generation Payments Infrastructure: The acquisition of ASL will deliver scalable, resilient, and future-ready payments infrastructure tailored for financial institutions in Australia.
• Expanded Regulatory and Compliance Coverage: ASL’s deep understanding of the Australian regulatory landscape ensures robust compliance, while Banking Circle’s global experience introduces best-in-class risk and fraud management practices.
• Empowering Financial Innovation: With local presence and global connectivity, Banking Circle will support the growth of Australia’s fintech and banking sectors by offering more agile, transparent, and cost-effective settlement services.

“We’re seeing strong demand from both Australian financial institutions looking to partner with a specialist payments bank to process their domestic and global payments; as well as Australian companies looking to scale globally for a payments bank overseas,” said Mishal Ruparel, CCO of Banking Circle. “This strategic combination means our clients will gain access to all domestic Australian payment schemes as well as the global currencies Banking Circle offers.”

Mark Tibbles, CEO of ASL, added “We are thrilled to join Banking Circle and scale our operations to deliver a leading proposition to Australian banks, payment providers, fintechs and corporates looking for full domestic capability with true global reach. Together, we bring end to end knowledge and expertise to support all aspects of our clients’ payment needs.  ASL has a deep history of supporting Australia’s mutual banks, credit unions and emerging digital banks and we’re excited to grow further in these segments.”

Banking Circle established its Australian presence in 2023, operating through BC Payments Australia, which holds an Australian Financial Services License. Following its launch in Australia, BC Payments quickly realised the demand for its payment solutions and formed an alliance  with ASL to provide access to local payment services. The teams are now working closely to integrate all capabilities, creating a unified and streamlined service point in Australia for all clients.

“With Australian banks and fintechs navigating a rapidly evolving payments landscape, the demand for resilient and scalable infrastructure continues to grow,” said Piers Cracknell, General Manager of BC Payments Australia. “Banking Circle’s capabilities combined with ASL enables us to offer an unparalleled payments proposition with direct access to the Australian Dollar and all domestic clearing and settlement schemes, through one API. It is compelling for banks, fintechs and payment businesses, enabling clients to focus on growing their core businesses.”

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About Banking Circle S.A.

Banking Circle S.A. is fully licensed as a bank in Luxembourg and is committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments, enabling payments companies and banks of any scale to seize opportunities in the new economy. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market-leading compliance and security. 

About ASL

ASL is a B2B ‘Payments-Platform-as a Service’ (PPaaS) solutions pioneer providing simple, market leading direct connectivity to the Australian payments clearing systems. ASL’s solutions integrate with all legacy and digital payment rails to streamline and secure the movement of money. Covering New Payments Platform (NPP), PayTo, Direct Entry, Card Schemes, Merchant Acquiring, RTGS, Austraclear, PEXA and other financial transactions – ASL supports banks, other financial institutions, and a range of businesses across Australia. ASL is an authorised deposit-taking institution (ADI) under the supervision and regulation of the Australian Prudential Regulation Authority (APRA) and settles directly with the Reserve Bank of Australia (RBA).