TerraPay, a United Kingdom-based global payments infrastructure company, has secured an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

With this coveted approval from MAS, TerraPay’s customers and leading global enterprises will be able to access its expansive network, across 120 receive countries and 208 send countries while enabling fully compliant, affordable, and seamless cross-border money movement, TerraPay said in a statement on Monday.

According to the statement, Singapore has always been a strategic region for TerraPay as it derives almost 50 percent of its revenues from Asia.

With Singapore’s position as a gateway to high-growth markets of Southeast Asia, TerraPay said it will capitalize on this license to tap into the immense potential of the region and bolster its existing local presence and partnerships across Singapore, South Korea, Vietnam and Philippines.

On securing the approval, TerraPay Founder and Chief Executive Officer Ambar Sur said that the firm’s comprehensive network of partners, employees, countries, and licenses it has established worldwide, enabling the firm to offer simplified payment services for everyone.

“Obtaining the approval in Singapore is a game-changer, solidifying our position as a leading cross-border payments powerhouse in one of the most significant financial markets globally,” he said.

He also said TerraPay’s 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, inclusive economy,

“The approval from MAS reinforces our commitment to excellence as we aim to become the most regulatory-approved payments company in the world,” he added.

TerraPay, with regulatory approvals in 28 countries, facilitates fully compliant international money transfers, frictionless business pay-outs, and alternative payment methods.

Backed by Prime, IFC, Partech Africa & Visa, the firm is enabling secure real-time global payment corridors across Asia, Africa, Europe, the Middle East, and the United States, and expanding rapidly in Latin America.

In May 2023, TerraPay announced its Series B equity financing round, where it successfully raised more than $100 million for global expansion plans, enabling the company to strengthen its existing pay-out network, and expand its regulatory and compliance capabilities and infrastructure globally.

The firm has a vast network of 7.5 billion+ bank accounts, 2.1 billion+ mobile wallets, across 120 receive countries and 208 send countries.

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