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PEXA to operate in ACT
The country’s largest online property exchange network has been approved for operation in the ACT, in a move the CEO said will continue to expand the company’s growth strategy.
Lauren Croft
PEXA has announced that it has been granted approval to operate an Electronic Lodgment Network in the ACT.
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The online property exchange network operator is currently in conversation with the Registrar-General, who granted the approval, to determine an operational “go live” date. From the decided date, practitioners, financial institutions, government bodies, and other subscribers to the PEXA network will be able to settle and lodge conveyancing transactions in the ACT using the PEXA exchange platform.
PEXA managing director and group CEO Glenn King said that being able to operate in the ACT was part of key growth plans for the company’s future.
“As disclosed in our IPO Prospectus, a key plank of our growth strategy in Australia is the continued expansion of the PEXA Exchange’s offering into the remaining non-mandated jurisdictions.
“We are delighted to receive regulatory approval to operate the PEXA Exchange in the ACT. With a brand trust rating of 8.7 out of 10, we look forward to bringing the benefits of our platform in the ACT market and enhancing conveyancing transactions via the PEXA Exchange.”
PEXA was formed in 2010 as part of a co-operative initiative between the Commonwealth and state governments to transition property lodgment and settlement away from an outdated paper-based process to a more efficient digital settlement process. This announcement follows the company securing a $1.17bn IPO earlier this year, before reporting a revenue increase of 42 per cent to $221 million in the last financial year.
