TerraPay has registered with AUSTRAC as an Independent Remittance Provider (IRP) and a Remittance Network Provider (RNP).
The regulatory approval will allow the company to operate in the Australian market and maintain a network of local and international partners. TerraPay will respond to the region’s demand for efficient and transparent cross-border financial services, reflecting the company’s mission to deepen its infrastructure and presence in Australia, Oceania, and the Pacific Islands, a key region for remittance, trade, and financial inclusion.
TerraPay is expanding its global presence in key regions
Australia is currently home to millions of migrants, making it a country that is significantly globally connected, serving as the financial and economic anchor for the Pacific, sending remittances to nations such as Fiji, Samoa, Tonga, Papua New Guinea, and Vanuatu. Australia is also a receiver of payments from international students, seasonal workers, SME trade settlements, and freelancers.
The company believes that Oceania and the Asia Pacific are usually overlooked, even though they are remittance-reliant economies. Its investment in the regions focuses on building capabilities that enable sustainable access, faster transaction times, and more affordable financial services. The licence reflects this commitment as TerraPay aims to create collaborations with banks, fintechs, and communities to co-create solutions that simplify money movement.
These transactions in Australia enable TerraPay to allow for two-way cross-border payments between Oceania and the rest of the world. This is part of the company’s commitment to invest in Oceania and the Pacific regions, where access to inclusive and compliant financial solutions is key.
With the AUSTRAC registration, TerraPay will support SMEs, PSPs, and MSBs by providing access to global payout networks and local collections, and drive wallet interoperability across the region through partnerships with mobile money providers. The company also aims to build infrastructure for education, cross-border payments, B2B FX, gig economy payouts, and aid disbursements.
