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.