GENERAL PROPERTY

PEXA steps up global expansion

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PEXA has signed on ThoughtWorks as a global platform partner, as it pushes forward in its international expansion plans.

PEXA, the world’s first digital property exchange platform, has introduced an integrated and secure digital settlement platform to Australia and is working to bring its system to markets such as England, Wales, New Zealand and Canada, all of which have Torrens title systems and are in the early stages of digitisation.

“Australia is the only country in the world to have a fully digitised property settlement process, and we’re firmly focused on leveraging the expertise and learnings our people have amassed over our 10-year journey in order to build a platform for growth into other key markets – starting with the UK,” said Glenn King, CEO of PEXA.

Within Australia, PEXA  has completed more than 7.8 million transactions and currently manages more than 80% of all property transactions in the country, with the platform being utilised by Australian State land title offices, 9300 practitioner firms and 150 financial institutions.

“We have a strong history of building collaborative partnerships with leading technology providers, governments, lenders and the conveyancing sector, and together we are committed to delivering positive outcomes for the UK community and the broader economy,” added King.

This partnership with ThoughtWorks will enable PEXA to plan its platform in line with the needs and requirements of each market in its expansion.

“Collaborating with ThoughtWorks as our build partner allows us to design and build a high performing solution that will deliver homebuyers and sellers in the UK with a faster, transparent and less stressful experience,” said James Bawa, UK chief executive of PEXA.

PEXA customers will also be enabled to work directly with ThoughtWorks in developing bespoke extensions and elements, including APIs, further integration and branded and customised user experiences.

“There is a big appetite for change across the UK’s major banks and lenders, and an acknowledgement that technology will support the local conveyancing sector in setting a new standard,” said Bawa.

According to Bawa, the PEXA platform could aid the British Government in making the process of home buying more efficient and affordable.

PEXA ended 2020 by appointing a new COO in Simon Smith, to help drive growth and innovation at the company, with the acceleration of econveyancing.

“PEXA has been recognised and awarded for its innovation and outstanding industry-wide impact, and it goes without saying that we are thrilled to become the exclusive build partner to help this great Australian pioneer’s international expansion,” said Kristan Vingrys, managing director of ThoughtWorks, ANZ.

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