TerraPay Now Granted with an MPI License in Singapore
TerraPay, a prominent player in the global money movement sector, has recently achieved a significant milestone. The company has been granted a Major Payment Institution (MPI) License under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS). This accomplishment underscores TerraPay’s commitment to regulatory compliance and its dedication to providing efficient and transparent payment solutions across borders.
Unlocking Opportunities: TerraPay’s MAS MPI License
The MPI license from MAS opens up many opportunities for TerraPay to redefine the payment landscape. With this license, TerraPay aims to offer a comprehensive suite of services, including Account Issuance, Domestic and Cross-border Money Transfers, Merchant Acquisition, and E-money Issuance. This move caters to the escalating demand for seamless and secure payment options in Asia-Pacific.
Shaping the Future: TerraPay’s Vision for Global Money Movement
Sheshagiri Malliah, TerraPay’sVP of the Asia Pacific Region, expressed his enthusiasm regarding this achievement, emphasising its significance for the company’s expansion endeavours. Malliah stated, “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 sentiment echoes TerraPay’s commitment to upholding the highest regulatory compliance standards while facilitating simplified and transparent payment services.
Driving Connectivity: TerraPay’s Impact on Financial Inclusion
Singapore’s strategic position as a Southeast Asian financial hub further amplifies the importance of this achievement for TerraPay. Leveraging Singapore’s status, TerraPay aims to strengthen its regional partnerships and forge new ones. Additionally, the company intends to accelerate its presence in the Asia-Pacific market, capitalising on the opportunities presented by the MPI license.
Empowering Individuals: TerraPay’s Mission for Inclusive Finance
TerraPay’s mission revolves around simplifying global money movement. With a single connection to an extensive cross-border payments network spanning 30 international markets, TerraPay facilitates payments to 144 receiving countries, covering over 210 sending countries. Moreover, the company boasts access to over 7.5 billion bank accounts and 2.1 billion mobile wallets. This expansive reach positions TerraPay as a frontrunner in driving financial inclusion and connectivity across borders.
Fostering Innovation: TerraPay’s Commitment to Advancing Fintech
Founded in 2014, TerraPay has rapidly expanded its global footprint, with headquarters in London and offices in key locations worldwide. The company has received backing from leading investors, including the International Finance Corporation (IFC), Prime Ventures, Partech Africa, and Visa. This strong support underscores TerraPay’s potential to reshape the global payments landscape and drive innovation in the fintech sector.
Conclusion: TerraPay’s Vision for a Connected Financial World
In conclusion, TerraPay’s acquisition of the MPI license from MAS marks a significant milestone in its journey towards revolutionising cross-border payments. With a focus on regulatory compliance, transparency, and innovation, TerraPay is poised to simplify global money movement and foster global financial inclusion worldwide. As the company continues to expand its reach and services, it stands at the forefront of transforming how money moves across borders, paving the way for a more connected and accessible financial world.
