Terrapay has secured authorisation as an Electronic Money Institute (EMI) in Italy, and now plans to expand its operation further into the EU.
The approval was granted from the Bank of Italy, and will now allow the global payments infrastructure company to expand its remit across the nation.
Under Article 114-quinquies Consolidated Banking Act (TUB), the Bank of Italy authorised TerraPay Italy as an electronic money institution.
The move offers Terrapay a chance to gain a foothold in the thriving Italian market, ahead of further planned expansion into other areas of the European Union.
Ambar Sur, Founder and CEO, TerraPay said: “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.”
Commenting on this announcement, Ram Sundaram, Co-Founder, and COO of TerraPay said: “Securing this authorisation 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.”
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