Digital payments infrastructure provider TerraPay has received approval to operate a money services business in the United States, the Dutch company announced in a press release on Thursday (April 14th).
According to the statement, TerraPay has obtained a Money Services Business (MSB) license in Florida, which allows it to mobilize remittances from the United States in real time. The company said the license would help it expand its network of partnerships in the United States and Latin America to facilitate low-cost, hassle-free instant transactions in 96 countries.
“This MSB license is a major step towards TerraPay’s goal of becoming a major player in the global cross-border payments ecosystem,” the statement said.
With the new license, TerraPay has 25 regulatory approvals and local licenses, connecting customers to their global partner networks through 4.5 billion bank accounts, over 1.5 billion mobile wallets, in 192 countries and 49 currencies. regulation.
The company cites World Bank data showing that the United States is the largest source country for remittances globally, followed by the United Arab Emirates, Saudi Arabia and Switzerland.
Ambar Sur, Founder and CEO of TerraPay, called the license a “strategic boost to our commitment to driving global financial inclusion” while ensuring the company remains a compliant entity worldwide.
“The US license is the cornerstone of long-term development, and it’s based on a deep understanding of the industry,” Sur said.
See also: TerraPay, Network International Team to promote digital payments across the UAE
In March 2021, TerraPay announced that it had expanded to bank account payments in the United States and Canada to improve cross-border payments and fast transfers. The arrangement allows users with access to bank transfers in the United States and Canada to access easier ways to send and receive funds, at global best practice rates, directly to their accounts.
Also last year, TerraPay signed a Memorandum of Understanding (MoU) with United Arab Emirates-based Network International to promote mobile wallet acceptance and the use of digital currency for digital payments across all countries. United Arab Emirates.
Network is one of the largest payment processing companies in the MEA region, which gives TerraPay a strong position in the United Arab Emirates and in the growing Middle Eastern payments market.