SINGAPORE, Aug. 8, 2023 /PRNewswire/ -- TerraPay, a leading global payment infrastructure company, has obtained approval in principle for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), making it which marks a significant step towards becoming a payments company with the most regulatory approvals.
With this coveted license from MAS, a key financial services regulator, TerraPay customers and leading global businesses will be able to access its extensive network, in 120 receiving countries and 208 sending countries, while enabling cross-border movement of money. fully compatible, affordable and hassle free. TerraPay, with regulatory approvals in 28 countries, facilitates compliant international money transfers, frictionless business payments, and alternative payment methods.
Singapore has always been a strategic region for TerraPay, earning almost 50% of its revenue from Asia. With Singapore's position as a gateway to the high-growth markets of Southeast Asia, TerraPay will capitalize on this license to harness the region's immense potential and bolster its local presence and existing partnerships in Singapore, South Korea, Vietnam and the Philippines. .
Upon winning the approval, Ambar Sur, Founder and CEO of TerraPay, said: "I am incredibly proud of the comprehensive network of partners, employees, countries and licenses that we have established around the world, allowing us to offer simplified payment services. for all Getting approved in Singapore is a game changer, cementing our position as a leading powerhouse in cross-border payments in one of the most important 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 and inclusive economy. The MAS license reinforces our commitment to excellence as we become the most regulatory-approved payment company in the world."
Backed by Prime, IFC, Partech Africa, and Visa, TerraPay is enabling secure, real-time global payment corridors in Asia, Africa, Europe, the Middle East, and the US, and is expanding rapidly in Latin America. In May 2023, TerraPay announced its Series B round of equity financing, successfully raising over $100 million for global expansion plans, enabling the company to strengthen its existing payment network and expand its infrastructure. and its regulatory and compliance capabilities globally.
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 28 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 120 receiving countries and 208 sending countries, TerraPay enables its partners to drive global financial inclusion at scale.
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