UK-based payments infrastructure company TerraPay has received in-principle approval for an MPI licence from the Monetary Authority of Singapore. This development is a significant stride towards TerraPay's goal of acquiring necessary regulatory authorisations, as it grants TerraPay the ability to extend its extensive network to customers and prominent global enterprises.

According to the official press release, the company's network encompasses 120 countries where payments can be received and 208 countries where payments can be sent. This authorisation enables compliant, cost-effective, and smooth cross-border money transfers. TerraPay already holds regulatory approvals in 28 countries, facilitating legitimate international money transfers, seamless business disbursements, and alternative payment solutions.

The press release further reveals that Singapore has consistently held strategic importance for TerraPay, generating nearly half of its revenues from the Asian market. Leveraging Singapore's status as a gateway to burgeoning Southeast Asian markets, TerraPay plans to use this licence to tap into the region's substantial potential. The objective is to strengthen its current local presence and collaborations across Singapore, South Korea, Vietnam, and the Philippines.

Upon securing the in-principle approval, TerraPay officials expressed their pride in the comprehensive global network of partners, employees, countries, and licenses that the company has built. The approval in Singapore is viewed as transformative, establishing TerraPay as a significant player in cross-border payments within a critical global financial market. The company finds inspiration in Singapore's fintech journey, which aligns with its own mission to enhance livelihoods and contribute to a dynamic, inclusive economy.

The approval from MAS bolsters TerraPay's commitment to excellence, underscoring its aspiration to become a distinguished payments company with a multitude of regulatory endorsements. TerraPay's expansion efforts and partnerships With backing from Prime, IFC, Partech Africa, and Visa, TerraPay is actively establishing secure real-time global payment corridors across diverse regions. The company's expansion covers Asia, Africa, Europe, the Middle East, and the USA, and is also extending into Latin America.

In May 2023, TerraPay announced the successful closure of its Series B equity financing round, securing over USD 100 million to support its global expansion endeavours. These funds helped the company to fortify its existing payment network, enhance regulatory compliance capabilities, and bolster global infrastructure. In the same month, TerraPay announced a strategic equity investment from Visa and a partnership to simplify cross-border ecommerce for consumers and SMBs.

The collaboration involved Visa’s solutions connecting to the TerraPay network of wallet providers with the aim to improve digital cross-border commerce. The first connected solution was Visa Direct, which helped facilitate funds’ delivery directly to eligible cards, bank accounts, and wallets worldwide. .