MELBOURNE, Australia--(BUSINESS WIRE)--WEX Inc. (NYSE: WEX), a leading provider of corporate payments solutions, today announced its subsidiary, WEX Finance Inc., has received a MasterCard issuing licence in Australia.
The Australian MasterCard issuing license was granted following regulatory changes made by the Reserve Bank of Australia to the MasterCard and Visa access regimes, which came into effect on 1 January 2015. The changes were designed to encourage access to and greater competition in the Australian market. WEX Finance Inc. has been granted a MasterCard license under the new framework.
WEX Australia, managing director, Greg Drumm said, “This license is an important pillar for WEX’s continued growth in the Australian market. WEX has already been enjoying a successful relationship with MasterCard due to our global partnership and the expansion of our virtual payment solution. The Australian MasterCard license means that we can grow our business more effectively in the Australian market.”
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing 9 million cardholders and offering exceptional payment security and control across a wide spectrum of business sectors. The Company’s operations include WEX Bank, Fleet One, Evolution1, WEX Australia, WEX New Zealand and WEX Europe, as well as a majority equity position in UNIK S.A., (Brazil) and WEX Europe Services (England). WEX and its subsidiaries employ 2,000 associates. For more information, visit www.wexinc.com.