Banking Circle joins AP+ committee to boost fintech pay

Banking Circle Australia has won a seat on the Australia Payments Plus Management Committee for 2026, with Ying Zhuo, Head of Product APAC, named as its representative.

Australia Payments Plus, known as AP+, runs several of the country's core payment schemes. These include eftpos, the New Payments Platform and BPAY. The management committee oversees scheme strategy and performance. It also reviews market and policy developments, considers fraud prevention priorities, and approves changes to scheme documentation.

The appointment places Banking Circle Australia alongside major banks, payment processors and fintechs that participate in AP+ governance. The 2026 committee list includes Adyen, ANZ, Bendigo and Adelaide Bank, Commonwealth Bank, Cuscal, Eftex, ING Bank, Macquarie, NAB, RBA Banking, Tyro, Westpac, Worldpay and Zepto.

Committee role

The committee reviews market trends and industry insights that affect AP+ schemes. It also makes recommendations on AP+ work priorities, including the AP+ Product Roadmap. AP+ also assigns the committee a role in discussions on fraud prevention across the schemes it manages.

Banking Circle Australia said the election reflected its growing role in the local payments sector. The company cited its acquisition of Australian Settlements Limited as a recent change in its position in the market. Australian Settlements Limited holds an Authorised Deposit-taking Institution status in Australia and has operated in domestic banking, payments and settlements.

Executive background

Zhuo has held product roles at ANZ Bank and Tencent. She also worked at Airwallex in Singapore and joined Banking Circle in 2023, according to the company.

Banking Circle Australia operates as part of a wider Banking Circle Group. The group includes Banking Circle SA, a Luxembourg-headquartered bank with branches in Denmark, Sweden, Germany and the UK. It also has subsidiaries in Liechtenstein, Singapore and Australia.

Fintech focus

Banking Circle Australia said it plans to represent fintech banking and payment requirements through its work on the committee. It also highlighted interest in instant payment adoption via the New Payments Platform.

"Our vision is to represent the banking and payment needs of fintechs -both domestic innovators and international firms seeking to enter or expand beyond Australia's borders. By advancing Australia's payment ecosystem and accelerating the adoption of NPP, we aim to position Australia on the global stage and enable seamless growth for fintechs everywhere," said Ying Zhuo, Head of Product APAC, Banking Circle.

Banking Circle said it holds memberships in banking and payment industry groups in other markets. It also said it has experience with instant payment schemes as a direct member and early adopter.

"While payment trends differ from region to region, we've seen the impact that committees such as this can have on improving domestic payment outcomes, specifically in relation to accelerating access to instant payments. We're excited to join the AP+ Management Committee for this very reason", said Zhuo.

Market context

AP+ formed through the combination of BPAY, eftpos and NPP Australia. The organisation operates a set of payment schemes that banks, fintechs, corporates and government agencies use for everyday domestic payments. Its governance structures involve large banks, smaller authorised deposit-taking institutions, payment processors and other scheme participants.

Banking Circle Australia said it provides direct access to Australian clearing systems through its scheme participation. It also said it connects to international payment rails and offers access through a single API. The company described itself as a lead participant for the New Payments Platform and a principal member of BPAY and eftpos.

The committee seat comes as competition intensifies across payments infrastructure and overlay services in Australia. Participants across the ecosystem have increased their attention on instant payments, fraud controls and scheme rule changes. AP+ continues to manage changes across its schemes as adoption patterns shift among consumers, businesses and platform providers.

Banking Circle Australia and other committee members will participate in 2026 discussions on scheme performance and priorities across eftpos, the New Payments Platform and BPAY.