ASX invests in a new electronic property settlement business
ASX Limited (ASX) has partnered with Australian Technology Innovators Pty Limited (ATI), the parent company of InfoTrack, Australia's leading provider of eConveyancing technology and services, to enter the national electronic property settlement market. Sympli Australia Pty Ltd (Sympli), owned 50:50 by ASX and ATI, has applied to become an Electronic Lodgment Network Operator (ELNO) with the regulator, the Australian Registrars' National Electronic Conveyancing Council (ARNECC).
ASX and InfoTrack see an attractive opportunity to deliver a market-leading electronic property settlement service by combining their significant experience and expertise - ASX's in secure, electronic financial market settlements and InfoTrack's in property settlement technology and processes. Sympli will offer lawyers, conveyancers and financial institutions a more streamlined and comprehensive technology solution that will seamlessly integrate 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 in excess of $200m1 . Subject to regulatory approvals, Sympli expects to begin operations towards the end of 2018, ASX expects to invest approximately $30 million in the new venture over this and the next two financial years. This will comprise approximately $7 million in 2018, with further investments in 2019 and 2020. ASX estimates that Sympli will break-even in the 2021 financial year.