Swyftx wins Australian licence to expand payment services

Swyftx has been granted an Australian Financial Services Licence by the Australian Securities and Investments Commission, giving the digital assets brokerage a new regulated status in Australia.

The approval includes authorisations for a non-cash payment facility, retail derivatives and basic deposit products. It creates a pathway for the Brisbane- and Melbourne-based company to offer payment services to retail and business clients.

Founded in 2019 by Brisbane entrepreneurs Alex Harper and Angus Goldman, Swyftx operates in Australia, New Zealand and the United States. It says it has more than one million clients across those markets.

The licence marks a notable step for one of Australia's larger crypto brokerages as digital asset businesses face closer scrutiny from regulators and policymakers. It also gives Swyftx a broader regulatory footing beyond its existing registration with AUSTRAC.

Growth plans

Swyftx has expanded through both acquisitions and organic growth. Last year, it bought Easy Crypto, which it described as New Zealand's largest digital currency brokerage, and Caleb & Brown, a boutique crypto brokerage and asset manager serving high-net-worth clients in Australia and the United States.

Those deals broadened the group's presence in key English-speaking markets and added both retail and wealth-focused customer segments. The new licence provides a framework for how Swyftx can structure parts of its business in Australia.

Andrea Yuen outlined the company's view on the approval in comments accompanying the announcement.

"It's an enormous responsibility to be a regulated financial service and we'll continue to work non-stop to offer products that improve the lives of everyone who uses Swyftx. Looking ahead, we want to use a well-regulated Australian market as a base to expand our presence overseas and become the Web3 provider of choice for both domestic retail and business clients," said Andrea Yuen, Interim Co-Chief Executive Officer of Swyftx.

Australia has been a closely watched market for the crypto sector as regulators push for stronger oversight and the industry argues for clearer rules. In that context, an AFSL can help a company formalise parts of its offering within the country's financial services regime.

The licence authorisations are significant because they cover multiple areas of financial activity. Non-cash payment facilities refer to services that enable payments to be made or received without physical currency, while retail derivatives and basic deposit product permissions fall within established areas of Australian financial regulation.

Sector context

Swyftx has positioned itself as part of the broader financial technology market rather than only as a cryptocurrency exchange. Its messaging has focused on digital assets, payment services and blockchain-based products, reflecting how many crypto businesses are trying to integrate with mainstream finance.

That strategy comes as the boundaries between crypto trading platforms, payments firms and broader financial services providers continue to blur. In the sector, licensing can be important for both market access and credibility with customers, counterparties and regulators.

Yuen also linked the company's plans to a wider argument about the economic use of blockchain. "Blockchain technology offers the opportunity for significant productivity advantages in the local economy. We're proud that Australian businesses like Swyftx are supporting access to a new technology," Yuen said.

The group's expansion has been rapid since launch, moving from a domestic exchange to a business operating across three countries and serving a customer base spanning retail investors, businesses, and self-managed super fund users. The latest regulatory approval marks another milestone as the company seeks to broaden the services it can offer under Australian rules.

Swyftx says it supports more than 1.5 million retail, business and SMSF customers across the ANZ region.