Wednesday, November 25, 2020

TerraPay strengthens its entry in North America with FINTRAC Canada MSB License

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Canada’s growth lends itself to an increasing population of immigrants boosting the economy. Fuelling its aim to attract migrants to the nation in the next few years calls for a seamless and secure framework to facilitate the money transfer requirements of all participants in the payments ecosystem.

As per the World Bank data estimated in 2018*, the outward remittance value of US$ 27B from Canada, with a growing share of digital remittances, reflect a global move towards cashless economies.

With an aim to further strengthen this drive to cater efficiently to the dynamic money transfer needs of the industry, TerraPay, a leading global payments infrastructure company, has recently announced its MSB registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

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.

The FINTRAC license adds to TerraPay’s 45+ regulatory approvals and local licences, now connecting Canadian immigrants to our global partner networks – 2B Bank Accounts, 500+M mobile wallets- across 100 countries, and 58+ settlement currencies.

Ambar Sur, Founder and CEO, TerraPay speaks on this proud moment, “The FINTRAC licence is a strategic boost to our commitment in driving digital interoperability across countries. We are well equipped to service the payment requirements of our partners and their customers in Canada. We work towards ensuring global access to all participants and innovation in the payments ecosystem.”

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