TerraPay Accelerates Global Expansion with New Trade License in the Kingdom of Saudi Arabia

May 30, 2024 |

TerraPay, a leading global money movement company, announced its expansion into the Kingdom of Saudi Arabia with the establishment of a new entity in the Kingdom. Furthering the company’s expansion goals, this announcement also demonstrates TerraPay’s strong commitment to supporting KSA’s Vision 2030; marking the company’s proactive engagement in the market while aligning with the Kingdom’s directive encouraging local licensed entities

It’s an exciting time for the fintech sector in KSA, marked by significant growth and possibilities. The share of digital payments in the region has already reached 62%, closing in on the Kingdom’s target of 70% by the end of 2025. TerraPay Saudi will help further this vision by facilitating direct interactions with licensed financial institutions and enabling local partnerships with the TerraPay group, bolstering the Kingdom’s vision for economic diversification and growth.

Bassem Awada, General Manager of TerraPay Saudi, expressed the company’s dedication to this strategic move, stating, “TerraPay’s direct presence in Saudi Arabia underscores our commitment to the Kingdom’s transformative Vision 2030. With TerraPay Saudi, we aim to facilitate seamless partnerships and collaborations, empowering local licensed entities and contributing to the advancement of the financial landscape in Saudi Arabia.”

The establishment of TerraPay Saudi not only underscores TerraPay’s dedication to local engagement but also highlights its role in driving economic empowerment and fostering closer ties within the region. The new entity will provide a platform for local licensed players to collaborate with a trusted, established group with an extensive global network.

For more information about TerraPay and its initiatives, please reach out to [email protected]

About TerraPay

TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 31 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.