TerraPay Receives In-principle Approval for MPI License in Singapore

The global payments infrastructure company TerraPay has been granted an In-Principle Approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Over the past two months, the MAS has granted MPI licenses to six firms, including three payments firms Tazapay Pte. Ltd.​, Finmo and Flywire​, and three crypto platforms Blockchain.com, Crypto.com​​ and Circle​. Besides, Blockchain company Ripple and Swiss digital asset bank Sygnum​ have secured the In-Principle Approval for the license.

TerraPay currently holds regulatory approvals in 28 countries. With the new approval, its customers and leading global enterprises will be able to access its expansive network, across 120 receive countries and 208 send countries while enabling fully compliant, affordable, and seamless cross-border money movement.

"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", said Ambar Sur, Founder and CEO, TerraPay.