TerraPay Group Expands Business Operations in Italy and Sets Sights on European Union
TerraPay, a leading global payments infrastructure company, today announced that it has secured authorization as an Electronic Money Institute (EMI) in Italy. Having obtained approval from the Bank of Italy, TerraPay is set to expand its operations within the country and subsequently, throughout the European Union.
Under Article 114-quinquies Consolidated Banking Act (TUB), the Bank of Italy authorized TerraPay Italy as an electronic money institution. This holds great significance not only for TerraPay but also for the thriving Italian fintech sector, marking a notable step forward in their respective trajectories. Leveraging its extensive expertise and innovative approach in the digital payments sector, TerraPay aims to positively impact and contribute to the European market.
"The commitment of the TerraPay team, supported by the international firm Orrick, was crucial in reaching this historic milestone," stated Ambar Sur, Founder and CEO, TerraPay. "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."
Commenting on this announcement, Ram Sundaram, Co-Founder, and COO, TerraPay, said, "Securing this authorization firmly establishes TerraPay as a trailblazer in the realm of electronic money within Italy, while also paving the way for exciting avenues of expansion and growth across both the Italian and European markets."
TerraPay has established itself as a global partner to leading banks, money transfer operators, mobile wallet operators, and financial institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross-border spending. The company has an expansive network across 121 receive countries and 208 send countries and is regulated in over 28 countries, globally. The company's key markets include; GCC; North, South, and Central Africa; Europe and SE Asia; Central, North, and South Americas.
TerraPay's vision is aligned with achieving the SDG 2030 goal of fostering economic growth and equality, by reducing the cost of transactions across diverse payment channels such as mobile wallets and bank accounts, to name a few.
Congratulating the team, Akbar Hussain, Co-Founder, General Counsel & CCO, TerraPay, said "I want to highlight the utmost significance of fostering a resilient regulatory culture within our company. Our collaboration with the Orrick law firm has once again underscored the pivotal role that robust legal support plays in the dynamic landscape of the financial industry."
This noteworthy accomplishment was made possible through the concerted efforts of the TerraPay team, which plans to strengthen its presence in Italy and beyond, and the invaluable legal guidance provided by Marco Boldini, a partner at the Orrick law firm, along with his accomplished team consisting of Teresa Mattioni, Niccol? Martinoli, and Niccolo Matteo Bonaldo. Furthermore, on the corporate front, the pivotal contributions of partner Marco dell'Antonia and senior associate Jacopo Taddei were also instrumental in enabling this. TerraPay expresses sincere gratitude for this momentous achievement, as navigating the complex authorization procedures would have been challenging without the support of this team. The company remains optimistic about the outstanding partnership established with the Bank of Italy and the path ahead.
About TerraPay
Headquartered in the United Kingdom, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 29 global markets, TerraPay is one of the leading global partners to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to an extensive network of 7.5Bn+ bank accounts, 2.1Bn+ mobile wallets, across 121 receive countries and 208 send countries, TerraPay enables its partners to become beacons of the promise of global financial inclusion.
Media Contact:
Juveria Samrin
[email protected]
Logo: https://mma.prnewswire.com/media/1222771/TerraPay_Logo.jpg
ข่าวthe European Union+o:editorวันนี้
LIV-24 applies ESG Tech AI technology, revolutionising industrial sector Cuts costs, increases productivity, facilitates sustainable business
At present, many countries, especially members of the European Union, have imposed the so-called Carbon Border Adjustment Mechanism (CBAM) that mandates the issuance of carbon emission certificates (CBAM certificates) effectively certifying the actual amount of carbon emission from the production process of a certain product. This process is designed to prevent the import of products with high greenhouse gas emissions from entering the EU zone. Such Environmental, Social and Governance (ESG)
TAT and International Partners Urge Thai Businesses to Prepare for Imminent EU Regulations on Sustainable Tourism
—
On September 26, at the Avani+ Riversi...
International efforts to protect and empower ASEAN's women migrant workers
—
International organisations under the United Nations (UN) and the European Un...
Artmarket.com: France obtains the maintenance of VAT at the reduced rate of 5.5% on the Art Market, a major victory with very considerable advantages according to Artprice.
France's art market professionals will be extremely relieved by this news. The French government has decided to maintain the VAT...TerraPay Group Expands Business Operations in Italy and Sets Sights on European Union
TerraPay, a leading global payments infrastructure company, today announced that it has secured authorization as an Electronic Money Institute (EMI) in Italy. Having obtained approval from the Bank of Italy,...
EXPORT PROMOTION SEMINAR TO HIGHLIGHT EXCELLENCE OF EUROPEAN FOOD
—
H.E. Mr. David Daly, Ambassador of the European Union to Thai (EU) is set to host a tw...