Australian fintech helps Southeast Asian banks to adapt and upgrade payment systems

Australian fintechs are world leaders in multiple areas of digital banking. One company – Stanchion Payments – is using the technology it pioneered in Australia 10 years ago to help Tier 2 and mid-sized banks to adapt to processing mobile payments.

As the company expands across Southeast Asia, this technology is set to help local banks stay competitive, offer mobile-first digital solutions to customers and minimise fraud. In turn, this means that under-represented communities gain all the benefits of secure, mobile banking, and are not left behind. 

When Stanchion Payments decided to expand to Southeast Asia, Austrade played a major role in helping the payments technology and services provider enter the region. This in-market support has led to key contacts being identified within Tier 2 banks, a core segment for Stanchion Payments. 

Market visits also helped the company adapt its strategy to offer multiple ways of working. Austrade support has also enabled Stanchion Payments to hire local, experienced business development leads to help give depth and breadth to the company’s opportunity pipeline.  

‘We have had phenomenal support from Austrade, even in more challenging markets,’ says Norman Frankel, Chief Growth Officer, Stanchion. ‘The subsequent engagement has been excellent, enabling the team to reach the right people at the right time. Austrade has made an undeniable impact on the success of the rollouts.’ 

Australian fintech with global reach 

Stanchion Payments is a payments technology partner that enables banks to offer new payment methods. Its flagship product, Payment Fabric™, allows banks to adapt their existing core systems and connect to emerging payment ecosystems without having to engage in lengthy IT upgrades. Financial institutions can now accelerate innovation, improve customer experience, and respond to changing market demands more efficiently. 

‘We were founded 25 years ago in Cape Town, South Africa, and began operating in Australia in 2017,’ says Frankel. ‘Australian banks are global leaders in adopting digital regulations that enable payments using mobile phones. Our payment technology and services have assisted the introduction of new local capabilities more quickly.’ 

Today, the company employs 10 people in Australia, with its global research and strategy operations based in Sydney and its Oceania and Southeast Asia commercial activities led from Melbourne. 

Finding opportunities with Tier 2 and mid-sized banks 

Southeast Asia’s payments sector is evolving rapidly, driven by digital commerce, mobile adoption, and growing demand for seamless payment experiences. 

Larger financial institutions across the region are already investing heavily in digital transformation. Many mid-sized banks, however, face challenges modernising legacy infrastructure and adopting new capabilities such as tokenisation, digital issuance, Click-to-Pay and wallet integrations. 

‘People want to make secure payments using mobile phones, but banks were struggling to integrate new payment capabilities into their legacy banking systems,’ says Frankel. ‘This was a particular problem for Tier 2 and mid-sized banks, which lacked the resources and expertise to implement these changes efficiently.’

In many countries in Southeast Asia, regional banks are a vital part of the economy with family enterprises and the informal economy relying heavily on local banking facilities.  

Stanchion Payments’ strategy for expansion is to target mid-sized banks in Southeast Asia and accelerate their ability to integrate with new payments technologies.

Stanchion Payments is enabling mid-sized banks to integrate new payment capabilities into their legacy banking systems.

Local presence delivers results

When Stanchion Payments decided it was ready to expand into Southeast Asia, Austrade was ready to help. The company joined 3 Southeast Asia business exchange missions to its key target markets: Indonesia, the Philippines and Vietnam. It also took part in a range of Landing Pads-supported activities to the region, including the Singapore Fintech Festival and Money 20/20 Bangkok.

Stanchion Payments was awarded an Export Market Development Grant (EMDG) in March 2025. This helped fund a series of market visits in 2025, including to Indonesia and the Philippines. 

‘We have visited Indonesia 3 times, and Austrade has helped us every time,’ says Frankel. ‘Austrade made the initial contacts, set up meetings in Jakarta, and helped us understand the market. They contributed to our success.’ 

Given the business size and being new to a region where banks demand local implementation teams, Stanchion Payments initially worked with systems integrators. The company later hired 3 local business development directors to help grow the business. 

Frankel says the latter strategy worked.

‘We have a commitment from the largest company in Indonesia that manages payments schemes to integrate our technology and we should go live by Q2 2027.’

On-the-ground support in the Philippines 

Austrade’s support in the Philippines was also vital in opening doors. Stanchion Payments took part in a Southeast Asia Business Exchange Tech Innovation mission in 2025. During this time, the company connected with Channel Group, a large IT services provider. 

Austrade strengthened Stanchion Payments’ credibility by joining key stakeholder meetings, which helped the company secure a partnership agreement with Channel Group. 

This resulted in Stanchion Payments winning its first commercial contract in Southeast Asia, marking an important milestone in its regional expansion.

‘The Austrade team in the Philippines were absolutely fantastic,’ says Frankel. ‘The Philippines was an incredibly complex market for us. As a small overseas company, it was very difficult to get traction. 

‘Austrade was like a bridge. They found the contacts we needed to speak to and arranged introductions. In June 2025, Austrade co-hosted a 90-minute meeting followed by networking at the Australian Embassy in Manila.

Expansion across Asia

Stanchion Payments is currently pursuing opportunities across Asia, including markets that are exceptionally challenging for small fintechs.

‘Not having an established presence, we find it challenging to make progress in any new markets like Bangladesh, Vietnam and Sri Lanka, but we always get assistance from Austrade,’ he says.  

‘We live in a world where everyone wants to make payments from their mobile phones. Because of what we did in Australia a decade ago, we can help. It’s not just the banks that benefit – it’s the ordinary customers and small businesses.’

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