TerraPay awarded a Major Payment Institution (MPI) License by the Monetary Authority of Singapore (MAS)

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TerraPay, a company specialising in global cross-border payments, has recently been granted a Major Payment Institution (MPI) License by the Monetary Authority of Singapore (MAS). This development is part of TerraPay’s ongoing expansion, contributing to its portfolio of 11 licenses and 19 regulatory approvals across 30 international markets.

The license was awarded following a comprehensive application and evaluation process by MAS. With the MPI License, TerraPay is poised to enhance its service offerings in Singapore and beyond, including Account Issuance, Domestic and Cross-border Money Transfers, Merchant Acquisition, and E-money Issuance. This expansion aims to meet the increasing demand for efficient and transparent payment solutions within the region.

Sheshagiri Malliah, managing director of TerraPay Singapore PTE, remarked on the achievement, emphasising its significance for the company’s growth and commitment to regulatory compliance and service transparency. He highlighted the company’s focus on developing strategic partnerships and innovative solutions to facilitate global financial transactions.

Singapore’s role as a central hub for international trade and finance is noted as a strategic advantage for TerraPay. The company plans to use this opportunity to fortify and establish new partnerships, enhancing its presence in the Asia-Pacific region.

Article by TerraPay

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