MILAN, Aug. 16, 2023 /PRNewswire/ -- TerraPay, a leading global payment infrastructure company, announced today that it has obtained authorization as an Electronic Money Institute (EMI) in Italy. Having obtained approval from the Bank of Italy, TerraPay is ready to expand its operations within the country and subsequently throughout the European Union.
Pursuant to Article 114-quinquies of the Consolidated Banking Law (TUB), the Bank of Italy authorized TerraPay Italia as an electronic money institution. This is of great importance not only for TerraPay but also for the thriving Italian fintech sector, marking a notable step forward in their respective trajectories. Leveraging its extensive experience and innovative approach in the digital payments sector, TerraPay aims to positively impact and contribute to the European market.
"The commitment of the TerraPay team, backed by the international firm Orrick, was crucial in reaching this historic milestone," said Ambar Sur, founder and CEO of TerraPay. "We are excited about what the future holds for us in Italy, and we will continue to work to provide innovative and secure digital financial services."
Commenting on this announcement, Ram Sundaram, Co-Founder and COO of TerraPay, said: "Securing this authorization firmly establishes TerraPay as a pioneer in the e-money arena in Italy, while also paving the way for exciting avenues of expansion and growth, both in the Italian and European markets".
TerraPay has established itself as a global partner of leading banks, money transfer operators, mobile wallet operators and financial institutions to facilitate borderless digital transactions. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customers' proposition for cross-border remittances, payments, and spending. The company has an expansive network in 121 receiving countries and 208 sending countries and is regulated in more than 28 countries globally. The company's key markets include; GCC; North, South and Central Africa; Europe and Southeast Asia; Central, North and South America.
TerraPay's vision is aligned with the achievement of the SDG 2030 target of promoting economic growth and equality, by reducing the cost of transactions through various payment channels, such as mobile wallets and bank accounts, to name a few.
Congratulating the team, Akbar Hussain, Co-Founder, General Counsel and CCO of TerraPay, said: "I want to highlight the great importance of fostering a resilient regulatory culture within our company. Our collaboration with the Orrick law firm has once again underscored the important pivotal role that strong legal support plays in the dynamic landscape of the financial industry.
This remarkable achievement was made possible through the concerted efforts of the TerraPay team, which plans to strengthen its presence in Italy and beyond, and the invaluable legal guidance provided by Marco Boldini, partner at Orrick Law Firm, along with his accomplished team of Teresa Mattioni, Niccolò Martinoli and Niccolo Matteo Bonaldo. Furthermore, on the corporate front, the pivotal contributions of partner Marco dell'Antonia and senior associate Jacopo Taddei were also instrumental in enabling this. TerraPay expresses its sincere appreciation for this momentous achievement, as navigating the complex authorization procedures would have been challenging without the support of this team. The company remains optimistic about the excellent partnership established with the Bank of Italy and the way forward.
Based in the UK, TerraPay believes that the smallest payment deserves as safe a borderless journey as the largest. The group has been building an ever-expanding payments highway that enables businesses to create transparent customer experiences with a seamless, secure, real-time global pass through for every payment, large or small. Registered and regulated in 29 global markets, TerraPay is one of the leading global partners of banks, mobile wallets, money transfer operators, merchants and financial institutions, creating a more expansive and inclusive international financial ecosystem. With its extensive network of more than 7.5 billion bank accounts and more than 2.1 billion mobile wallets in 121 receiving countries and 208 sending countries, TerraPay enables its partners to drive global financial inclusion at scale.
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