TerraPay wins Singapore license for money transfer, account issuance services

Photo credit: TerraPay’s X page

TerraPay has secured a major payment institution (MPI) license from the Monetary Authority of Singapore, coming less than a year after it won preliminary approval for the same license.

With this license, the payments firm will be able to offer financial services to customers in the city-state. These include accounts issuance, domestic and cross-border remittances, merchant acquisition, and e-money distribution, according to a statement.

Following this development, TerraPay plans to strengthen current partnerships and forge new deals to broaden its presence in Asia Pacific. One of its more recent partnerships came in November last year, joining hands with Philippines-based fintech firm Maya for international remittance services.

TerraPay joins the growing list of MPI license holders in Singapore, which includes fintech firm Payoneer, USDC issuer Circle, and a unit of payments major PayerMax.

Primarily offering global money transfers, TerraPay provides access to an extensive cross-border payments network. While the company is headquartered in London, it has Asia offices in cities including Singapore and Bangalore.

Serving 30 markets worldwide, TerraPay connects with more than 7.5 billion bank accounts and over 2.1 billion mobile wallets across 144 recipient and 210 sender countries.

See also: Winners and losers of SG and India’s novel PayNow-UPI linkage