Page 63 - AAE PR REPORT - June 2024

5/17/24, 10:07 AM TerraPay revolutionises cross-border payments in the UAE, eyes expansion - GulfToday
exchange company in the UAE, had recently joined forces with TerraPay to
streamline international money transfers. This partnership promised to
revolutionise remittance services in the region, offering customers faster, more
secure, and seamless transactions.

Ram Sundaram, Co-founder and Chief Operating Officer of TerraPay,
emphasided the company’s commitment to driving innovation and enhancing
financial inclusion in the UAE. “Seamless is a premier event in the MENA
region, and it provides us with a platform to connect with our existing partners
and explore new opportunities,” he remarked. “Our network, spanning 145
countries and connected to bank accounts worldwide, enables institutions in
the UAE to offer real-time cross-border payment services to their customers.”

With transactions completing in under a minute, TerraPay showcased its ability
to deliver payments to mobile wallets within seconds, setting a new standard
for speed and efficiency in the fintech industry.

With plans for rapid expansion and a focus on doubling in size every year, the
company was poised to play a pivotal role in shaping the future of cross-border
payments in the UAE. “Our vision is to create a borderless financial world,
where sending money across borders is as easy as sending a text message,”
said Sundaram. “And with the UAE’s thriving economy and tech-savvy
population, we see tremendous opportunities for growth and innovation in this
market.”

Additionally, TerraPay announced strategic collaborations with Barq, a new
bank in KSA, and Multipass, a fintech solution provider, further expanding its
reach and capabilities in the UAE. With such strategic partnerships, innovative
technology, and a bold vision for the future, TerraPay is leading the charge
towards a new era of cross-border payments in the UAE and beyond.

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