SINGAPORE, April 9, 2024 _ TerraPay, a global money movement company, has been granted a Major Payment Institution (MPI) License under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS) — a significant milestone solidifying TerraPay’s position as a cross-border payments powerhouse. TerraPay now has 11 licenses and 19 regulatory approvals in 30 markets, globally.
With the approval from MAS, TerraPay is set to redefine the payment landscape by offering services across Account Issuance, Domestic and Cross-border Money Transfers, Merchant Acquisition, and E-money Issuance, catering to the growing demand for efficient and transparent payment solutions in the region.
Commenting on the announcement, Sheshagiri Malliah, Managing Director – Terra Payment Services Pte Ltd (“TerraPay”) said, “Being granted this license by the Monetary Authority of Singapore is a big milestone for TerraPay, especially as we expand our reach and services across geographical borders. This achievement underscores our ongoing dedication to upholding the highest standards of regulatory compliance and reinforces our commitment to providing transparent, frictionless, and simplified payment services. As we continue to grow, we’re excited to prioritize the development of strategic cross-border payment partnerships and innovative solutions to help simplify global money movement.”
As the heart of thriving international trade and commerce, Singapore has always been a strategic location for TerraPay. Leveraging the position of the country as Southeast Asia’s financial hub, the company will capitalize on this new license to strengthen existing and new partnerships in the region while also accelerating APAC presence.