TerraPay, a global money movement company based in the United Kingdom, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).

TerraPay said in a statement on Monday that the license is 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 said the firm 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.

As the heart of thriving international trade and commerce, TerraPay said Singapore has always been a strategic location for the firm.

Leveraging the position of the country as Southeast Asia’s financial hub, the company said it will capitalize on this new license to strengthen existing and new partnerships in the region while also accelerating Asia Pacific (APAC) presence.

“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,” said Sheshagiri Malliah, managing director of Terra Payment Services Pte Ltd.

“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,” he added.

TerraPay is a firm simplifies global money movement by providing a single connection to a cross-border payments network regulated in 30 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5 billion+ bank accounts and 2.1 billion + mobile wallets.

Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore.

The firm is expanding rapidly, having received funding from leading investors, including the World Bank’s arm International Finance Corporation (IFC), Prime Ventures, Partech Africa and Visa.

Netherland’s TerraPay partners Qatar’s Alfardan Exchange for advanced digital cross-border remittance solutions