TerraPay has now been recognized by AUSTRAC as an Independent Remittance Provider (IRP) and a Remittance Network Provider (RNP).

This regulatory approval enables the company to operate in Australia while maintaining networks with both local and international partners. TerraPay aims to address the need for efficient and transparent cross-border financial services, reinforcing its commitment to deepening its infrastructure and footprint in Australia, Oceania, and the Pacific Islands—a region vital for remittances, trade, and financial inclusion.

TerraPay’s Expansion into Key Global Markets

With millions of migrants residing in Australia, this country serves as a crucial link to the Pacific. It facilitates remittance flows to nations like Fiji, Samoa, Tonga, Papua New Guinea, and Vanuatu while also acting as a hub for international students, seasonal workers, small and medium-sized enterprise (SME) trade settlements, and freelancers.

TerraPay recognizes that Oceania and the Asia Pacific are often underinvested areas despite their reliance on remittances. The company’s investments focus on developing capabilities that ensure sustainable access, quicker transaction times, and more affordable financial services. This commitment is reflected in its AUSTRAC registration, which supports collaborations with banks, fintech companies, and communities to create simplified solutions for global money movements.

The regulatory approval allows TerraPay to facilitate two-way cross-border payments between Oceania and other regions, aligning with the company’s dedication to investing in Oceania and Pacific areas where inclusive and compliant financial services are essential.

Through its partnership network, TerraPay intends to provide SMEs, payment service providers (PSPs), and money service businesses (MSBs) access to global payout networks and local collections. Additionally, the company seeks to promote interoperability of digital wallets across the region by collaborating with mobile money providers.

TerraPay’s initiatives aim to support education, cross-border payments, business-to-business foreign exchange transactions, gig economy payouts, and humanitarian aid disbursements.