TerraPay secures in-principle approval for MPI license from Monetary Authority of Singapore

By Gloria Mathias

TerraPay, a payments infrastructure company, has secured an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), emerging towards being a payments company with the most regulatory approvals.

TerraPay’s customers and global enterprises can access its expansive network with this coveted approval from MAS, enabling fully compliant, affordable, and seamless cross-border money movement. It facilitates fully compliant international money transfers, frictionless business payouts, and alternative payment methods.

The payments firm will capitalize on this license to tap into the region’s immense potential and bolster its existing local presence and partnerships across Singapore, South Korea, Vietnam, and the Philippines.

Ambar Sur, Founder and CEO, TerraPay said, “I am incredibly proud of the comprehensive network of partners, employees, countries, and licenses we have established worldwide, enabling us to offer simplified payment services for everyone. Obtaining the approval in Singapore is a game-changer, solidifying our position as a leading cross-border payments powerhouse in one of the most significant financial markets globally.”

“At TerraPay, our core values revolve around inclusion and innovation. We are inspired by Singapore’s fintech journey, which aligns perfectly with our mission to improve lives and contribute to a dynamic, inclusive economy. The approval from MAS reinforces our commitment to excellence as we aim to become the most regulatory-approved payments company in the world.” added Sur.

In May 2023, TerraPay announced its Series B equity financing round, where it raised more than $100 million for global expansion plans, enabling the company to strengthen its existing pay-out network and expand its regulatory and compliance capabilities and infrastructure globally.

The group has been building an expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. TerraPay partners with banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem.