TerraPay wins Singapore licence for money transfer, account issuance services
TERRAPAY has secured a major payment institution (MPI) licence from the Monetary Authority of Singapore, coming less than a year after it won preliminary approval for the same licence.
With this licence, the payments firm will be able to offer financial services to customers in the city-state. These include accounts issuance, domestic and cross-border remittances, merchant acquisition, and e-money distribution, according to a statement.
Following this development, TerraPay plans to strengthen current partnerships and forge new deals to broaden its presence in Asia Pacific. One of its more recent partnerships came in November last year, joining hands with Philippines-based fintech firm Maya for international remittance services.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
GoTo narrows Q1 loss to 420 billion rupiah with TikTok deal, cost cuts
Health-tech startup Thrixen bags US$7 million from 22Health Ventures, Aldevron co-founder
Mergers, closures, diversification: What is happening to Singapore’s cultivated meat sector?
Singapore’s Geniebook edutech startup seizes Vietnam opportunities
Foodpanda doubles down on quick commerce with house-brand grocery products
High Court dismisses bid by co-founder and CTO to liquidate Cake Group