It’s almost analogous to McDonald's going in to bat for significant competitor Burger King, or Westpac directing its customers to use Commonwealth Bank savings deposit accounts, but this month the Australian Stock Exchange (ASX) decided to dip its toe into Australia’s $6.6 trillion property market.
The Australian bourse announced that it’s partnering with Australian Technology Innovators (ATI), the parent company of InfoTrack, Australia’s leading provider of eConveyancing technology and services, to enter the national electronic property settlement market.
Mr Dominic Stevens, ASX Managing Director, and CEO said: “Entering the electronic property settlement market is a natural evolution for ASX.”
Sympli will offer lawyers, conveyancers, and financial institutions a more streamlined and comprehensive technology solution seamlessly integrates with clients’ existing practices and systems. The service will improve efficiencies and support Australia’s successful transition to full electronic conveyancing and settlement.
The electronic property settlement industry in Australia is estimated to have potential revenues of more than $200 million. ASX expects to invest approximately $30 million in the new venture.