TerraPay, a company that helps with making international payments, has been given preliminary approval for a license from the Monetary Authority of Singapore (MAS) to operate as a major payment institution.
With approval from the Monetary Authority of Singapore (MAS), TerraPay can now provide its customers and global businesses access to its extensive network, covering 120 countries where money can be received and 208 countries where money can be sent. This allows for compliant and affordable cross-border money transfers.
TerraPay already has regulatory approval in 28 countries and offers services for international money transfers, efficient business payouts, and alternative payment methods. Singapore is an important region for TerraPay, as it generates nearly half of its revenue from Asia.
This license will help TerraPay take advantage of Singapore’s position as a gateway to growing markets in Southeast Asia and expand its presence and partnerships in Singapore, South Korea, Vietnam, and the Philippines.
Founder and CEO, Ambar Sur, said:
I am incredibly proud of the comprehensive network of partners, employees, countries, and licenses we have established worldwide, enabling us to offer simplified payment services for everyone. Obtaining the approval in Singapore is a game-changer, solidifying our position as a leading cross-border payments powerhouse in one of the most significant financial markets globally.
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