Banking Circle Targets APAC's Expanding Cross-Border Payments Market
Banking Circle focuses on capitalizing on APAC's booming cross-border payment landscape as regional businesses expand globally.
The landscape of cross-border payments has witnessed a remarkable transformation over the past decade. Traditionally, innovations in this sector emerged predominantly from Western countries. However, today, Asia-Pacific (APAC) has established itself as a leader in this growing field.
APAC Payment Firms Go Global
Cindy Liu, the head of Sales and Account Management for Asia at Luxembourg-based Banking Circle, highlights that numerous payments firms originating from APAC are extending their operations globally. For instance, Airwallex, founded in Australia, has pledged to invest US$1 billion (approximately S$1.3 billion) to expand into Europe, the Middle East, and Africa by 2030. Meanwhile, Singapore's Thunes is set to launch its third office in the United States, specifically in New York, by June 2026.
Banking Circle's Role in Global Payments
As a business-to-business (B2B) banking entity, Banking Circle offers essential back-end payment infrastructure to support these ventures into international markets. Liu emphasizes the company's mission to facilitate the global ambitions of other APAC-based businesses.
According to projections from FXC Intelligence, outbound cross-border payments from APAC are expected to surge nearly twofold, approaching US$23.8 trillion by 2032, compared to figures from 2024. Founded in 2013, Banking Circle specializes in providing robust financial infrastructure that assists companies in efficiently moving funds worldwide.
Streamlining Payments for Clients
The company’s services include multi-currency accounts, clearing connections, and virtual international bank account numbers, which are essential for routing and tracking payments. This allows clients to integrate payment solutions into their offerings without the hassle of coordinating with multiple banks and technology providers, Liu explains.
With close to 900 clients, which include payment service providers, marketplaces, and financial institutions, Banking Circle handles more than €1.5 trillion (about S$2.1 trillion) in payments annually. The institution operates under the oversight of the Luxembourg regulator, the Commission de Surveillance du Secteur Financier.
Strategic Expansion in APAC
In gearing up for further growth, Banking Circle is set to enhance its foothold in the region through the acquisition of a license in Hong Kong. Additionally, its subsidiary in Singapore, BC Payments, successfully received a Major Payment Institution license from the Monetary Authority of Singapore in November 2025. This unit serves as the APAC operations hub for Banking Circle and employs over 60 staff members.
In a move to strengthen its market presence in Australia, Banking Circle also acquired Australian Settlements Limited, an institution authorized to provide settlement and processing services to banks and payment companies across the country.
Liu predicts that international trade will continue to act as a significant catalyst for the growth of cross-border payments in APAC over the next decade. She remarks that the infrastructural developments required to enable timely and correct currency transfers operate behind the scenes, ensuring smooth transactions for end-users.
“Ultimately, our goal is to render the payment process invisible,” states Liu, encapsulating Banking Circle's vision to simplify the complexities tied to global financial transactions.
Through its innovative services and dedication to supporting APAC enterprises in their international endeavors, Banking Circle aims to revolutionize the future of cross-border payments.
