TerraPay Receives MPI License from the MAS

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08 Apr, 2024, 07:00 CST

SINGAPORE, April 8, 2024 /PRNewswire/ -- TerraPay, a global money movement company, has been granted a Major Payment Institution (MPI) License under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS) — a significant milestone solidifying TerraPay's position as a cross-border payments powerhouse. TerraPay now has 11 licenses and 19 regulatory approvals in 30 markets, globally.

With the approval from MAS, TerraPay is set to redefine the payment landscape by offering services across Account Issuance, Domestic and Cross-border Money Transfers, Merchant Acquisition, and E-money Issuance, catering to the growing demand for efficient and transparent payment solutions in the region.

Commenting on the announcement, Sheshagiri Malliah, Managing Director - Terra Payment Services Pte Ltd ("TerraPay") said, "Being granted this license by the Monetary Authority of Singapore is a big milestone for TerraPay, especially as we expand our reach and services across geographical borders. This achievement underscores our ongoing dedication to upholding the highest standards of regulatory compliance and reinforces our commitment to providing transparent, frictionless, and simplified payment services. As we continue to grow, we're excited to prioritize the development of strategic cross-border payment partnerships and innovative solutions to help simplify global money movement."

As the heart of thriving international trade and commerce, Singapore has always been a strategic location for TerraPay. Leveraging the position of the country as Southeast Asia's financial hub, the company will capitalize on this new license to strengthen existing and new partnerships in the region while also accelerating APAC presence.

About TerraPay

TerraPay simplifies global money movement - by providing a single connection to the most expansive cross-border payments network regulated in 30 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.