TerraPay, a 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). The company now possesses 11 licenses and 19 regulatory approvals in 30 markets, globally.
With the approval from MAS, TerraPay is set to augment 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 this development, officials from TerraPay said this licence by the Monetary Authority of Singapore is a big milestone for them, especially as they expand their reach and services across geographical borders. As they continue to grow, they’re happy to prioritise the development of strategic cross-border payment partnerships and innovative solutions to help simplify global money movement.
As a 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 capitalise on this new license to strengthen existing and new partnerships in the region while also accelerating APAC presence.
In early March 2024, TerraPay has teamed up with Alfardan Exchange to enhance cross-border payments in Qatar. Alfardan Exchange, a significant player in the remittance sector, brings its experience and commitment to facilitating seamless financial transactions.
The partnership aims to leverage TerraPay's digital payment infrastructure to provide benefits such as cost-effectiveness and efficiency. Alfardan Exchange expressed its commitment to enhancing customer offerings and service portfolio through innovative solutions introduced with TerraPay.
In February 2024, TerraPay has partnered with Banco G&T Continental to augment cross-border remittances in Central America, particularly in Guatemala. This collaboration marks TerraPay's first direct alliance in the region and aims to offer seamless and secure solutions for Guatemalans abroad to send funds home.
By leveraging TerraPay's platform and Banco G&T Continental's extensive network, the partnership streamlines cross-border transfers, enhances financial inclusion, and contributes to Guatemala's economic development.
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