TerraPay Secures MPI License in Singapore

Following the obtainment of an In-Principle Approval​ for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in August 2023, the global payments infrastructure company TerraPay has received the MPI license.

With the approval, the company plans to strengthen existing and new partnerships in Singapore while also accelerating APAC presence. TerraPay will offer 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 region.

 "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 - 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."

This comes after that TerraPay landed an Electronic Money Institution (EMI) authorisation from the Bank of Italy​.

Currently, TerraPay has 11 licenses and 19 regulatory approvals in 30 markets, globally.