In a statement released today, Tyro, which describes itself as “Australia’s fast growing nextgen bank”, announced that Mr Al-Bassam will head up the company’s product development operations, while current head of product and engineering, Paul Peterson, will take on the role of head of engineering.

Mr Al-Bassam has 15 years’ experience in the global payments industry and founded the PayPal Credit business in Australia. He has also held roles in the US, Europe and Asia.

“Kareem brings enormous insight, experience and vision about payments and banking from around the world. He will strengthen our leadership and management team at a time of rapid growth for Tyro,” Tyro chief executive Gerd Schenkel said.

”He knows what its like to compete against the established banking sector using technology and an innovative customer-first approach.”