TerraPay secures major payment institution license in Singapore

London-based money transfer firm TerraPay has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), allowing it to expand its financial services in the country.

According to a notice in the government’s official gazette, the new license comes after a stringent examination and approval process conducted by MAS. Using the specific terms of the Singaporean framework, the firm has now been approved as a Major Payment Institution Licence that allows it to provide Digital Payment Token Services.

The license enables TerraPay to offer a range of services including account issuance, domestic and international remittances, merchant acquisition, and e-money distribution.

The achievement follows TerraPay’s preliminary approval for the license received less than a year ago and positions the company to strengthen its partnerships and establish new ones in the Asia Pacific region. TerraPay had previously formed a partnership with Maya, a fintech firm based in the Philippines, to facilitate international remittance services.

“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,” said Sheshagiri Malliah, managing director of Terra Payment Services Pte Ltd.

“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 prioritize the development of strategic cross-border payment partnerships and innovative solutions to help simplify global money movement,” he added.

Joining other MPI license holders in Singapore like Payoneer, Circle, and a unit of PayerMax, TerraPay will leverage this license to expand its global money transfer services. The company, which also has offices in Singapore and Bangalore, serves 30 markets worldwide, connecting over 7.5 billion bank accounts and 2.1 billion mobile wallets across 144 recipient countries and 210 sender countries.

The move also further cements the city-state’s position as a hub for cryptocurrency activity in Asia. It comes even as regulators in Singapore said they may implement consumer protections for crypto investors, which could include suitability tests, curbs on leverage trading and credit facilities. The regulator may restrict retail investment in the crypto sector through new consumer protection safeguards.