SINGAPORE, Aug. 8, 2023 /PRNewswire/ -- TerraPay, a leading global payments infrastructure company, has secured an In-Principle Approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant step towards being a payments company with the most regulatory approvals.
With this coveted approval from MAS, a key financial services regulator, TerraPay's customers and leading global enterprises will be able to access its expansive network, across 120 receive countries and 208 send countries while enabling fully compliant, affordable, and seamless cross-border money movement. TerraPay, with regulatory approvals in 28 countries, facilitates fully compliant international money transfers, frictionless business pay-outs, and alternative payment methods.
Singapore has always been a strategic region for TerraPay as it derives almost 50% of its revenues from Asia. With Singapore's position as a gateway to high-growth markets of Southeast Asia, TerraPay will capitalize on this license to tap into the immense potential of the region and bolster its existing local presence and partnerships across Singapore, South Korea, Vietnam and Philippines.
On securing the approval, Ambar Sur, Founder and CEO, TerraPay said "I am incredibly proud of the comprehensive network of partners, employees, countries, and licenses we have established worldwide, enabling us to offer simplified payment services for everyone. 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."
Backed by Prime, IFC, Partech Africa & 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. In May 2023, TerraPay announced its Series B equity financing round, where it successfully raised more than $100 million for global expansion plans, enabling the company to strengthen its existing pay-out network, and expand its regulatory and compliance capabilities and infrastructure globally.
Headquartered in the United Kingdom, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 28 global markets, TerraPay is one of the leading global partners to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With its vast network of 7.5Bn+ bank accounts, 2.1Bn+ mobile wallets, across 120 receive countries and 208 send countries, TerraPay enables its partners to drive global financial inclusion at scale.