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
Singapore’s Anywheel gets green light to expand fleet to 35,000
Vietnam education startup Prep bags US$7 million in Series A funding
Cruise operator Viking prices IPO within range to raise US$1.54 billion: source
Ninja Van axes more than 20 employees in tech team in Singapore
Temasek-backed PsiQuantum to build first commercial quantum computer
Fast-fashion giant Shein wants to sell skincare, toothpaste and toys, too