/ Australia
Our history in Australia began in the 1990’s when e-commerce came of age. After successfully delivering online payment processing capabilities to domestic banks and enabling over 6,500 businesses across Australia & New Zealand to accept payments from major card schemes and direct account-to-account transfers, the Australia and New Zealand payment processing business was sold to ASX listed MYOB in 2017 and later acquired by KKR, one of the world’s largest private equity firms, in 2019.
Bancstac’s entry into Australia in 2026 focuses on delivering our technology platform to regulated financial institutions.
Overview
Australia is a country and continent located in the Southern Hemisphere between the Indian and Pacific Oceans. It is surrounded by the Timor, Arafura, and Coral Seas to the north and the Tasman Sea to the southeast, sharing maritime boundaries with Indonesia, East Timor, Papua New Guinea, New Zealand, and the Solomon Islands. Australia covers an area of approximately 7,692,024 square kilometers and has an estimated population of 28.3 million as of February 2026. The country is a federal parliamentary constitutional monarchy divided into six states: New South Wales, Victoria, Queensland, Western Australia, South Australia, and Tasmania; and two territories: the Australian Capital Territory and the Northern Territory.
In 2025, the GDP reached approximately US$1.81 trillion, and per capita GDP was estimated at US$69,360. Australia's economy is dominated by the service sector, which accounts for c.71% of its GDP, including finance, education, and professional services. Consumption and business investment, particularly in the resources sector, are the primary drivers of economic growth. The country’s economy is deeply integrated into global supply chains as a major exporter of energy and raw materials. Its largest trading partners are China, Japan, the United States, South Korea, and India. Australia is a global leader in the production of iron ore, coal, liquefied natural gas (LNG), and gold; it also maintains a significant agricultural sector, exporting beef, wheat, and wine. The renewable energy and critical minerals sectors (such as lithium and rare earths) are expected to be major future growth drivers. Additionally, the tourism sector has reached record levels, contributing c.11.4% to the GDP in 2025. The country's industrial sector (including mining and construction) represents approximately 25% of its GDP and employs about 20% of the workforce, while the total labor force reached 14.7 million in December 2025. Imports of refined petroleum, passenger vehicles, and telecommunications equipment are among the highest in the country, with its top import partners being China, the United States, Japan, and Singapore.
Australia has a rich history that includes the world’s oldest continuing living culture, with Aboriginal and Torres Strait Islander peoples inhabiting the continent for over 60,000 years. The modern nation-state was formed through the federation of six British colonies on January 1, 1901. Since then, Australia has maintained a stable, democratic system and has transitioned into a highly developed, multicultural society with one of the world's highest standards of living.
