Ripple enters the Australian payment market: applies for a financial license to expand Asia-Pacific operations, cross-border crypto payments may present new opportunities

On March 11, it was reported that blockchain payments company Ripple is seeking to obtain an Australian Financial Services License (AFSL) through the acquisition of BC Payments to further expand its cross-border payment business in the Asia-Pacific region. If approved, Ripple will be integrated into Australia’s regulated financial services system and will be able to directly manage payment settlement processes, connect customers with local payment partners, and route transactions through a single technical interface, reducing reliance on multiple intermediaries.

Fiona Murray, Managing Director of Ripple Asia-Pacific, stated that Australia is a key market in the company’s Asia-Pacific strategy, and obtaining the financial services license will enhance its ability to expand locally. Ripple’s payment platform will handle the entire cross-border transaction process, including customer registration, compliance review, fund management, foreign exchange conversion, liquidity coordination, and final payment settlement, while connecting traditional banking channels with digital asset infrastructure. If successful, Ripple’s number of regulatory licenses worldwide will exceed 75.

Data shows that Ripple’s cross-border payment volume in the Asia-Pacific region is expected to nearly double by 2025. The company has already partnered with several Australian institutions, including Hai Ha Money Transfer, Stables, Caleb & Brown, Flash Payments, and Independent Reserve. Industry experts believe this expansion not only relates to Ripple’s business growth but also concerns whether blockchain payment technology can gain broader adoption within regulated financial systems.

Kartik Swaminathan, Chief Writer at Demether, believes this license could serve as an important example of crypto payments entering the mainstream financial system, though regulatory frameworks may continue to evolve gradually, and market competition is intensifying. Joshua Murchie, founder of Sympatheia, pointed out that blockchain payments have clear advantages in cross-border settlement and global liquidity coordination, but in the short term, they are unlikely to replace Australia’s mature local payment systems.

Jonathan Inglis, CEO of Protocol Theory, stated that about 35% of Australian adults are interested in conducting cryptocurrency transactions through banks, but many potential users still need clearer product education. Currently, around 12% of local crypto users have experienced bank restrictions, reflecting ongoing friction between traditional financial systems and crypto services.