LemFi , the global financial platform built for the underserved, is launching its remittance services in Australia after receiving approval from the country's financial services regulatory unit. The approval marks a significant milestone in LemFi's global expansion and enables the company to begin offering its remittance services to customers in Australia, one of the world's fastest-growing and most important outbound remittance markets.
Australia's migrant population has grown rapidly, now accounting for 31.5 of the total population, or 8.6 million people , following record net overseas migration over the past two years. Migrants contribute USD 330 B AUS480.5bn to Australia , and outbound remittances from Australia have surged, with USD 38.2 B AUS56.6bn sent overseas in 2024 alone. India is the single largest recipient, receiving 7.3 billion in remittances from Australia in 2024, followed by China at 5.35 billion. Other major remittance corridors include Vietnam, the Philippines, Pakistan, Kenya and Nigeria - all of which are markets already served by LemFi.
A high regulatory bar and a strong signal of trustLemFi has received formal authorisation from AUSTRAC, Australia's financial intelligence and regulatory authority, to operate as an independent remittance dealer. Securing approval demonstrates LemFi's operational maturity and its ability to meet stringent international compliance standards.
