TerraPay receives licence for cross-border money transfers, e-money issuance in Singapore

TerraPay, a global money transfer company, has obtained a Major Payment Institution (MPI) License under the Payment Services Act 2019 from the Monetary Authority of Singapore (MAS).

This enables the London-headquartered company to offer services across account issuance, domestic and cross-border money transfers, merchant acquisition, and e-money issuance.

TerraPay now has 11 licenses and 19 regulatory approvals in 30 markets globally.

Leveraging Singapore’s position as Southeast Asia’s financial hub, the company will capitalise on this new license to strengthen existing and new partnerships in the region while accelerating its APAC presence.

Also Read: OKX gets in-principle approval for digital token, cross-border money transfer services in Singapore

Founded in 2014, TerraPay works with banks, fintechs and money-transfer operators, travel businesses, creator economy platforms and e-commerce marketplaces to enable payments to 144 receive countries, over 210 send countries, over 7.5 billion bank accounts and 2.1 billion mobile wallets.

It has global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, and Singapore. It is backed by investors, including the IFC (the World Bank), Prime Ventures, Partech Africa, and Visa.

Recently, OKX SG, the Singapore subsidiary of global crypto exchange and Web3 technology company OKX, received in-principle approval for a Major Payment Institution License (MPI) in Singapore. The licence allows it to provide digital payment tokens and cross-border money transfer services in the city-state.

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