PR95470

THE HAGUE, Netherlands, April 14, 2022 /PRNewswire=KYODO JBN/ --

Leading global digital payments infrastructure company, TerraPay, announces

that it has secured the money services business (MSB) license in the State Of

Florida, The United States Of America. This license will facilitate the

company's unparalleled and robust cross-border payments infrastructure to

mobilize international remittances from the region in real-time, at low costs,

and help offer diverse value-added financial payment services to TerraPay's

partners and their customers present globally.

Through the US license, TerraPay aims to expand its partnership network in the

US & LATAM region to facilitate low-cost, hassle-free, instant transactions in

96 countries. This MSB license is a major step toward TerraPay's goal of

becoming a major player in the global cross border payment ecosystem.

With US license TerraPay now has 25 regulatory approvals and local licenses,

connecting customers to their global partner networks – 4.5Bn+ Bank Accounts,

1.5Bn+ mobile wallets- across 192 countries and 49 settlement currencies.

According to the data published by the World Bank

[https://blogs.worldbank.org/peoplemove/global-remittance-flows-2021-year-recove

ry-and-surprises#:~:text=The%20United%20States%20was%20the,the%20first%20quarter

%20of%202021], the United States of America is the most significant source of

country for remittances globally, followed by the United Arab Emirates, Saudi

Arabia, and Switzerland. The report also revealed that the cost of sending

money across international borders remained high, around 6.4 percent on average

in the first quarter of 2021. Sending remittances to Sub-Saharan Africa is

particularly high (8 percent).

Ambar Sur, Founder, and CEO, TerraPay, commented: "The MSB license is a

strategic boost to our commitment to drive global financial inclusion. Our

partners & customers are our number one priority, TerraPay works hard to be a

law-compliance entity to different countries and regions around the world. The

USA license is the cornerstone of long-term development, and it is based on a

deep understanding of the industry. We will continue to work towards ensuring

global access to all participants and innovation in the payments ecosystem."

"We are delighted to receive the US License, it's a true testament to our

commitment to drive digital interoperability across countries. Given that the

US is the largest remittance send country, our main aim is to further

strengthen our footprint in the US & scale up operations in 16 counties of the

LATAM region to facilitate economical, instant, borderless transactions from

the US to key regions like LATAM, Asia, Europe & Africa. The new licensing

arrangement will allow us to expand our payment offerings to more financial

institutions & build secured payments infrastructure for businesses in the

USA," said Mr. Philip Daniel, Regional Director – Americas, TerraPay.

About TerraPay

Headquartered in The Netherlands, TerraPay believes that the smallest payment

deserves a borderless journey as safe as the largest. The company has been

building an ever-expanding payments highway that empowers businesses to create

transparent customer experiences with an uninterrupted, secure, and real-time

global passage for every payment, however small or large. Registered and

regulated across 25 global markets, TerraPay is a leading global partner to

banks, mobile wallets, money transfer operators, merchants, and financial

institutions, creating a more expansive and inclusive international financial

ecosystem. With access to payments infrastructure that spans the globe, their

partners become beacons of the promise of global financial inclusion.

For more information, please visit https://www.terrapay.com.

Logo - https://mma.prnewswire.com/media/1222771/TerraPay_Logo.jpg

Press contact:

Anwesha Mukherjee

anwesha@terrapay.com

Source: TerraPay