TerraPay and Nuvei ramp up APAC expansion with MPI licenses

SINGAPORE — In a move that will further consolidate Singapore as one of the major fintech hubs, the Monetary Authority of Singapore has granted major payment institution licenses to two global players earlier this week; UK-based cross-border payments specialist TerraPay and Canadian fintech leader Nuvei.

“Being granted this license by the Monetary Authority of Singapore is a big milestone for TerraPay, especially as we expand our reach and services across geographical borders. This achievement underscores our ongoing dedication to upholding the highest standards of regulatory compliance and reinforces our commitment to providing transparent, frictionless, and simplified payment services.

Nuvei explained that their payments platform allows businesses to optimize operating costs and boost conversion rates. This can be done by consolidating their payments solutions, maximizing payments acceptance, minimizing risk, and enhancing the consumer payment experience. The Canadian fintech company is ramping up its presence in the Asia-Pacific region, as they aim to support businesses looking to scale both locally and cross-border.

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