By
Temitope Olatunji
April 29th, 2024
This in-principle approval fortifies TerraPay’s dedication to becoming the world’s most regulatory-compliant payments provider.
TerraPay, a leading global payments infrastructure company, secured a significant milestone with the in-principle approval for a Major Payment Institution (MPI) license from Singapore’s Monetary Authority (MAS) on April 8, 2024. The approval marks a major step towards TerraPay’s ambition to become the most regulatory-approved payment service in the world.
The MAS approval expands TerraPay’s market reach, allowing customers and prominent enterprises to use its extensive network covering 120 recipient nations and 208 sending countries. TerraPay’s expanded accessibility facilitates lawful, cost-effective, and streamlined cross-border payments.
Singapore is of immense strategic value for TerraPay. Nearly 50% of their revenue comes from Asia, and Singapore, as a gateway to the high-growth markets of Southeast Asia, offers a profitable opportunity. The MPI license will enable TerraPay to grab this opportunity by strengthening its existing presence and partnerships across Singapore, South Korea, Vietnam, and the Philippines.
TerraPay’s Global Fintech Milestone
Commenting on the development, Ambar Sur, Founder and CEO of TerraPay, expressed his pride in the company’s achievements.
“Obtaining the In-Principle approval in Singapore is a game-changer,” said Sur. “It solidifies our position as a leading cross-border payments powerhouse in one of the most significant financial markets globally.”
TerraPay upholds principles seamlessly aligning with Singapore’s flourishing fintech landscape. Their aim to improve lives and build an inclusive economy reflects Singapore’s finance vision. This in-principle approval fortifies TerraPay’s dedication to becoming the world’s most regulatory-compliant payments provider.
As a secure real-time payment platform, TerraPay rapidly expands its payment corridors globally. This company, backed by renowned investors like Prime Ventures, IFC (World Bank), Partech Africa, and Visa, makes significant progress across Asia, Africa, Europe, the Middle East, the USA, and ventures into Latin America.
In April 2023, TerraPay secured substantial funding through a Series B equity financing round exceeding $100 million, driving its global expansion strategy. These investments strengthen the existing payout network infrastructure and expand regulatory compliance capabilities worldwide.
TerraPay’s Seamless Payments Solution
TerraPay enables seamless cross-border transactions, offering a single connection to an extensive global payments network and regulated across 30 markets. The company facilitates transactions to over 144 recipient countries and 210+ sender countries, reaching a staggering over 7.5 billion bank accounts and about 2.1 billion mobile wallets.
TerraPay aims to connect a borderless financial world, ensuring instant, reliable, transparent, and fully compliant payment transfers across the globe. The company empowers a diverse range of global businesses, including banks, fintechs, money transfer operators, travel businesses, creator economy platforms, and e-commerce marketplaces.