TerraPay secures ‘Major Payment Institution’ license from the MAS

By Gloria Mathias

TerraPay, a global money movement company, has been granted a Major Payment Institution (MPI) License under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS)

This marks a significant milestone, solidifying TerraPay’s position as a cross-border payments powerhouse. TerraPay now has 11 licenses and 19 regulatory approvals in 30 markets, globally.

With the approval from MAS, TerraPay is set to redefine the payment landscape by offering services across Account Issuance, Domestic and Cross-border Money Transfers, Merchant Acquisition, and E-money Issuance, catering to the growing demand for efficient and transparent payment solutions in the region.

Sheshagiri Malliah, Managing Director of Terra Payment Services, 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. This achievement underscores our ongoing dedication to upholding the highest standards of regulatory compliance and reinforces our commitment to providing transparent, frictionless, and simplified payment services. 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.”

As the heart of thriving international trade and commerce, Singapore has always been a strategic location for TerraPay. Leveraging the position of the country as Southeast Asia’s financial hub, the company will capitalise on this new license to strengthen existing and new partnerships in the region while also accelerating its APAC presence.

TerraPay simplifies global money movement by providing a single connection to the most expansive cross-border payments network regulated in 30 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets.

TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent, and fully compliant. TerraPay pushes the boundaries for global businesses ranging from banks, FinTechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces while driving financial inclusion in even the most inaccessible markets.