Payments infrastructure company TerraPay has been awarded a Major Payment Institution (MPI) License by the Monetary Authority of Singapore (MAS). With this new license, TerraPay now has 11 licenses and 19 approvals across 30 international markets.

The MAS license enables TerraPay to expand its payment services in Singapore, including account issuance, domestic and international money transfers, merchant acquisition, and e-money issuance.

This expansion is aimed at meeting the increasing demands for efficient and transparent payment solutions in the region and beyond.

Singapore is an essential hub for TerraPay’s operations and this new license will enable TerraPay in bolstering its partnerships within the region and accelerating its presence in the Asia Pacific area.

Sheshagiri Malliah, Managing Director at TerraPay said,

“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.

As we continue to grow, we’re excited to prioritise the development of strategic cross-border payment partnerships and innovative solutions to help simplify global money movement.”

Featured image credit: Edited from Freepik

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