Global payments infrastructure company TerraPay has received a Class B license from Bank Negara Malaysia (BNM), marking a significant milestone in its regional expansion and bolstering its capability to deliver real-time, secure, and compliant cross-border payment services across Southeast Asia.
The license allows TerraPay to partner directly with Malaysian banks, licensed payment institutions, and enterprises, facilitating both inbound and outbound remittances, B2B payments, and wallet payouts.
This development positions TerraPay to address Malaysia’s growing demand for efficient and transparent cross-border financial services, especially as the country plays a central role in regional remittance and trade flows.
With the approval, TerraPay can deepen collaboration with local financial institutions and fintechs by offering access to its interoperable, API-based payment infrastructure.
The platform enables rapid integration, supporting partners in scaling their services while remaining compliant with Malaysia’s regulatory framework.
Malaysia is among the largest remittance corridors in the Asia-Pacific region, and TerraPay’s entry is aligned with the country’s push toward digital financial inclusion.
Its infrastructure is designed to support real-time transaction processing and improved customer experience, particularly for underserved communities.
The move strengthens TerraPay’s regulatory footprint in Asia and reinforces its global strategy of providing seamless, borderless payment solutions.
Licensed in over 30 jurisdictions, the company enables cross-border transactions in more than 150 receiving countries and 210 sending countries, covering mobile wallets, bank accounts, and cards.
Founded in 2014 and headquartered in London, TerraPay operates globally with offices in Singapore, Dubai, Bangalore, and several emerging markets.
Backed by institutional investors including IFC, Visa, and Partech Africa, the firm continues to scale its payment ecosystem to support financial inclusion and drive innovation across digital financial services worldwide.
Business News Asia