Payments infrastructure firm TerraPay has been granted a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS) allowing it to offer services across Account Issuance, Domestic and Cross-border Money Transfers, Merchant Acquisition, and E-money Issuance.
The approval means TerraPay now has 11 licenses and 19 regulatory approvals in 30 markets, globally. Given its location as Southeast Asia’s financial hub Singapore is seen as strategic location for TerraPay. The company said it plans to capitalise on the new licence to strengthen existing and new partnerships in the region while also accelerating APAC presence.
In a statement, Sheshagiri Malliah, Managing Director – Terra Payment Services Pte Ltd said, “Being granted this licencee by the Monetary Authority of Singapore is a big milestone for TerraPay, especially as we expand our reach and services across geographical borders.”
He added, “As we continue to grow, we’re excited to prioritise the development of strategic cross-border payment partnerships and innovative solutions to help simplify global money movement.”
