Sympli, the ASX-backed property settlement provider that has fought for years to connect with the banks and break a PEXA monopoly on conveyancing services, has conceded that this is unlikely and proposed giving up that business and working with its larger rival instead.

PEXA, which was a collection of government-owned agencies before it was privatised in 2019, controls almost the entire property transfer market, worth about $300 million in fees. The now ASX-listed business counts Commonwealth Bank as its single largest shareholder.