Lynx Global Digital Finance Corporation has secured controlling stake in a Philippines-licenced financial institution Binangonan Rural Bank (BRB).

The company secured the majority stake by acquiring an Australian private company Ausphil Technologies, which holds 52.15% equity interest in BRB.

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BRB started operations as a rural bank in 1961. It secured an Electronic Money Issuer (EMI) licence in August 2017.

Now, Lynx and BRB plans add new services such as issuing of branded prepaid cards, merchant acquiring e-commerce payment processing solutions and a strategic POS & ATM/micro-ATM rollout across the country.

Lynx Global Digital Finance CEO Michael Penner said: “We are extremely excited to include the Binangonan Rural Bank in our portfolio of vertically integrated payment companies.

“The acquisition of the Bank now allows Lynx to benefit fully from the advantages of the streamlined synergies that exist between the solutions provided by Direct Agent 5’s Philippines and Australia licenced worldwide cash-in/cash-out network, and the global card acquiring and issuing, infrastructure provided by the Vasu and PayRight exclusive regulated partnerships in each of the Philippines and Singapore.”

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“BRB can now act as the organisational banking hub to facilitate the deposit and movement of money between each of these operational entities and their clients around the world as it now joins the Lynx Global unified payment technology platform.”

Lynx acquired all issued and outstanding shares of Ausphil in a cash-and-stock transaction.