WEX Inc.'s Australian subsidiary WEX Finance has received a MasterCard issuing license, the company announced March 16.
The move expands WEX's relationship with MasterCard, encompassing a global partnership and virtual payment product, the South Portland, Maine-based corporate payment solutions provider said in a press release.
"This license is an important pillar for WEX's continued growth in the Australian market," said Greg Drumm, managing director of WEX Australia. "The Australian MasterCard license means that we can grow our business more effectively in the Australian market."
WEX's MasterCard license was granted under a new payment card framework that went into place at the start of 2015. Regulatory changes by the Reserve Bank of Australia redesigned the access regimes for MasterCard and Visa, with the goal of encouraging access to and competition in the Australian market.