UK fintech TerraPay lands payment license in Singapore

TerraPay logo

TerraPay, a London-based payments firm, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), as it looks to boost its presence in the Asia Pacific (APAC) region.

Following this approval, TerraPay now has 11 licenses and 19 regulatory approvals in 30 markets, globally.

With the Singapore license now in hand, TerraPay can offer 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.

“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,” said Sheshagiri Malliah, managing director at TerraPay.

“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.”

Leveraging Singapore’s position as Southeast Asia’s financial hub, the company aims to capitalise on this new license to strengthen existing and new partnerships in the region while also accelerating APAC presence.

TerraPay aims to simplify global money movement by providing a single connection to its cross-border payments network regulated in 30 global markets and enabling payments to 144 receive countries, over 210 send countries, more than 7.5 billion bank accounts and over 2.1 billion mobile wallets.

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