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- Terrapay has acquired an EMI licence to operate in Italy.
- The global payments infrastructure company seeks to leverage its expertise and innovativeness in the digital payments space to expand in Italy and the EU.
Terrapay, a leading global payments infrastructure company has announced that it has acquired an Electronic Money Institute (EMI) licence in Italy. The approval is a step in the right direction with reference to its goal to expand in Italy and the broader European Union.
Terrapay’s EMI licence in Italy
With an approval from the Bank of Italy, Terrapay is set to expand in the country and beyond. It intends to make a positive contribution to the broader European market by tapping into its expertise and innovativeness in the digital payments sector.
Terrapay has a broad network that comprises 208 send countries and 121 receive countries. Its major markets include South East Asia, North America, Central America, South America, Europe, Gulf Cooperation Council, South Africa, Central Africa, and North Africa.
Since its inception, it has established itself as a global partner to numerous banks, mobile wallet operators, money transfer operators, and financial institutions with the aim of facilitating digital transactions without the limitations of physical borders. As a B2B firm, it partners with businesses to help them boost their customer proposition on cross-border spending, remittances, and payments.
According to the company’s CEO, Ambar Sur, “The commitment of the TerraPay team, supported by the international firm Orrick, was crucial in reaching this historic milestone. We are excited about what the future holds for us in Italy, and we will continue to work towards providing innovative and secure digital financial services”.
The acquisition of Terrapay’s EMI licence in Italy comes a few days after Payabl. announced that it had secured a similar licence in the UK. The latter is one of the leading paytech companies in Europe. The firm was previously operating under FCA’s Temporary Permission Regime (TPR). Its acquisition of the EMI licence is a move closer to attaining its goal of growing rapidly within the UK. This is as it also strives to become a key services partner for merchants globally.
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