- TerraPay secures major payment institution license in Singapore.
- The license allows TerraPay to offer various financial services in Singapore.
- TerraPay aims to expand partnerships and presence in Asia Pacific.
TerraPay, a global payments firm, has successfully obtained a major payment institution (MPI) license from the Monetary Authority of Singapore. This achievement comes less than a year after the company received preliminary approval for the license.
The MPI license enables TerraPay to offer a range of financial services to customers in Singapore, including accounts issuance, domestic and cross-border remittances, merchant acquisition, and e-money distribution.
Asia Pacific becomes the expansion target
Following the acquisition of the MPI license, TerraPay aims to bolster its existing partnerships and establish new collaborations to expand its presence in the Asia Pacific region.
In November last year, the company partnered with Maya, a Philippines-based fintech firm, to provide international remittance services.
TerraPay now joins a growing list of MPI license holders in Singapore, alongside notable fintech companies such as Payoneer, Circle, and a unit of PayerMax.
Connecting billions across the globe
TerraPay, headquartered in London, has Asia offices in Singapore and Bangalore. The company serves 30 markets worldwide, connecting over 7.5 billion bank accounts and more than 2.1 billion mobile wallets across 144 recipient and 210 sender countries.
TerraPay’s extensive cross-border payments network positions the firm to make significant strides in the global money transfer landscape.
