TerraPay Receives In-Principle Approval for MPI License from MAS | Coinspeaker
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TerraPay Receives In-Principle Approval for MPI License from MAS

This in-principle approval fortifies Te­rraPay’s dedication to becoming the world’s most re­gulatory-compliant payments provider.

Bena Ilyas By Bena Ilyas Julia Sakovich Edited by Julia Sakovich Updated 3 mins read
TerraPay Receives In-Principle Approval for MPI License from MAS
Photo: Depositphotos

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.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Bena Ilyas
Author Bena Ilyas

With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.

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