LemFi has announced its expansion into Australia after receiving formal authorisation from AUSTRAC, the country's financial intelligence and regulatory authority. The approval allows the company to operate as an independent remittance dealer and offer its international money transfer services directly to customers residing in Australia. The milestone marks a significant step in LemFi's global growth strategy and signals regulatory confidence in its compliance and operational systems.
The expansion is aimed at serving Australia's diverse migrant communities with cost-effective and reliable international payment services. Australia's migrant population now represents 31.5 of the total population, or 8.6 million people, following record net overseas migration in recent years. Migrants contribute an estimated USD 330 billion AUD 480.5bn to the economy, while outbound remittances from Australia reached USD 38.2 billion AUD 56.6bn in 2024.
Key remittance destinations from Australia align closely with LemFi's existing service corridors. India is the largest recipient, receiving 7.3 billion in remittances from Australia in 2024, followed by China at 5.35 billion. Other major corridors include Vietnam, the Philippines, Pakistan, Kenya, and Nigeria, reflecting strong demand for cross-border payment services linking Australia with Asia and Africa.
