TerraPay secures MSB registration to strengthen presence in Canada
Category: #business  By Pranali Mehta  Date: 2020-10-26
  • share
  • Twitter
  • Facebook
  • LinkedIn
TerraPay secures MSB registration to strengthen presence in Canada

Global payments infrastructure major, TerraPay, has reportedly secured MSB registration with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) to strengthen its ability to efficiently cater to the vigorous money transfer requirements of the industry.

According to TerraPay Founder and CEO, Ambar Sur, the FINTRAC license is a crucial strategic boost to the company’s commitment towards impelling digital interoperability across nations. Sur further stated that the organization is well equipped to service the payment needs of its partners and their clients in Canada, adding that the company works towards corroborating worldwide access to all players and innovation in the payments ecosystem.

Canada’s growth is fueled by the escalating population of immigrants driving the economy, cite sources. Fostering the objective of attracting migrants to the country in the forthcoming years, demands a secure and seamless framework for facilitating the money transfer needs of all players in the payments ecosystem.

According to World Bank, Canada recorded an outward remittance valuation of USD 27 billion in 2018, along with a surging digital remittances share, reflecting a global shift towards cashless economies.

For the uninitiated, TerraPay is a licensed provider of digital payments solutions and infrastructure and enables enterprises and customers to send and receive payments in an efficient, secure, and transparent manner in real-time at the global level. The company’s agile network backs myriad types of payments and payment instruments, while adhering to complex compliance standards and regulations across different markets.

The FINTRAC license reportedly supports TerraPay’s robust and unparalleled cross-border payments infrastructure towards the mobilization of international remittances from the region at low costs and in real-time, helping to offer numerous value added financial payment services to the its partners and their clientele.

The license is also another addition to the company’s more than 45 local licenses and regulatory approvals, connecting Canadian immigrants to TerraPay’s global partner networks, comprising 500+M mobile wallets and 2B Bank Accounts, across 100 nations and more than 58 settlement currencies.

Source Credit: https://www.prnewswire.com/in/news-releases/terrapay-strengthens-its-entry-in-north-america-with-fintrac-canada-msb-license-839005444.html

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

PBFG announces U.S. business expansion across West & Midwest
PBFG announces U.S. business expansion across West & Midwest
By Pranali Mehta

Planet Based Foods Global Inc. has reportedly announced its decision to expand its distribution in the West and Midwest. Following the expansion, the company’s products will be available in stores like Smith’s and Mariano’s. The com...

Singaporean bank stocks fall as Credit Suisse faces economic crisis
Singaporean bank stocks fall as Credit Suisse faces economic crisis
By Pranali Mehta

The stocks of local banks in Singapore have declined significantly, due to the crisis affecting the second-largest bank in Switzerland, Credit Suisse, and the failure of a chain of banks in the United States of America. Credit Suisse fell by 30% on W...

Sias-Golden Energy align to find better exit option for shareholders
Sias-Golden Energy align to find better exit option for shareholders
By Pranali Mehta

Sias, also known as the Security Investors Association (Singapore), has recently initiated discussions with senior officials from Gear (Golden Energy and Research), to encourage the firm to improve it privatization offers for its shareholders. The...