UK paytech TerraPay handed MPI licence by MAS in fresh push for APAC expansion.
In brief:
- UK payments infrastructure firm TerraPay has received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS) in a fresh boost for its cross-border payment services.
- Sheshagiri Malliah, managing director of TerraPay, cites the licence approval as “a big milestone…especially as we expand our reach and services across geographical borders”.
- Terrapay operates a global real-time payments network for banks, mobile wallets, money transfer operators, merchants and financial institutions, which it claims currently connects to over 7.5 billion bank accounts and over 2.1 billion mobile wallets.
What does this mean?
“As the heart of thriving international trade and commerce, Singapore has always been a strategic location for TerraPay,” the company said in the release. “Leveraging the position of the country as Southeast Asia’s financial hub, the company will capitalize on this new license to strengthen existing and new partnerships in the region while also accelerating” its presence in the Asia-Pacific region.
