Payments infrastructure company, TerraPay, has secured an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The approval from MAS, a key financial services regulator, means TerraPay’s customers in the region will have access to its wide network of receive and send countries while enabling fully compliant and seamless cross-border money movement. The company, which facilitates international money transfers, business pay-outs and alternative payment methods currently has regulatory approvals in 28 countries.
In a statement, the firm noted Singapore’s importance as a strategic region as it derives almost 50% of its revenues from Asia. It said it will use the country’s position as a gateway to high-growth markets of Southeast Asia to bolster its existing local presence and partnerships across Singapore, South Korea, Vietnam, and the Philippines.
Speaking on the announcement, Ambar Sur, Founder and CEO, 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.”
In May, this year, TerraPay announced its Series B equity financing round, where it successfully raised more than $100 million for global expansion plans. This was seen as a key step in being able to strengthen its existing pay-out network, and expand its infrastructure globally.
Sur added: “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.”
