Global Payments Service Provider TerraPay Secures License from MAS

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

TerraPay's customers and leading global enterprises will be able to access its expansive network across 120 receive countries and 208 send countries, enabling fully compliant, affordable, and seamless cross-border money movement, TerraPay said in a statement on August 7.

According to the statement, TerraPay has always considered Singapore to be a strategic region because Asia accounts for nearly half of its revenue.

With Singapore's position as a gateway to Southeast Asia's high-growth markets, TerraPay stated that it will use this licence to tap into the region's immense potential and strengthen its existing local presence and partnerships in Singapore, South Korea, Vietnam, and the Philippines.

TerraPay Founder and Chief Executive Officer Ambar Sur stated that the firm's extensive network of partners, employees, countries, and licences it has established worldwide has enabled the firm to offer simplified payment services to everyone.

"Getting the approval in Singapore is a game changer, solidifying our position as a leading cross-border payments powerhouse in one of the world's most important financial markets," he said.