TerraPay Gets In-Principle Approval for Payment License From MASby Fintech News Singapore August 10, 2023
Global payments infrastructure company TerraPay received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Through this approval, TerraPay’s customers and global enterprises will be able to access its extensive network; 120 countries where payments can be received and 208 countries where payments can be sent.
With Singapore’s position as a gateway to high-growth markets of Southeast Asia, TerraPay aims to capitalise on this license to bolster its existing local presence and partnerships across Singapore, South Korea, Vietnam, and the Philippines. The firm derives almost 50% of its revenues from Asia.
Backed by Prime, IFC, Partech Africa and Visa, TerraPay is enabling secure real-time global payment corridors across Asia, Africa, Europe, the Middle East, and the USA, and expanding rapidly in Latin America.
Headquartered in the United Kingdom, TerraPay currently has regulatory approvals in 28 countries.
Ambar Sur, Founder and CEO of TerraPay said,
“Obtaining the approval in Singapore is a game-changer, solidifying our position as a leading cross-border payments powerhouse in one of the most significant financial markets globally. At TerraPay, our core values revolve around inclusion and innovation.
We are inspired by Singapore’s fintech journey, which aligns perfectly with our mission to improve lives and contribute to a dynamic, inclusive economy. The approval from MAS reinforces our commitment to excellence as we aim to become the most regulatory-approved payments company in the world.”