Global money movement company TerraPay has received a major payment institution ( MPI ) licence under the Payment Services Act 2019 by the Monetary Authority of Singapore ( MAS ), allowing the company to provide a wide range of global payment services to companies in the city-state.

With the approval from the MAS, the company, it says, “is set to redefine the payment landscape by offering services across account issuance, domestic and cross-border money transfers, merchant acquisition and e-money issuance, catering to the growing demand for efficient and transparent payment solutions in the [Asia-Pacific] region”.

As the heart of thriving international trade and commerce, Singapore, the company notes, has always been a strategic location for it. By leveraging the position of the country as Southeast Asia’s financial hub, the company aims to capitalize on this new licence to strengthen existing and new partnerships in the region while also accelerating its presence there.

“Being granted this MPI licence by the MAS is a big milestone for TerraPay, especially as we expand our reach and services across geographical borders,” adds Sheshagiri Malliah, the company’s managing director. “As we continue to grow, we're prioritizing the development of strategic cross-border payment partnerships and innovative solutions to help simplify global money movement.”