TerraPay revolutionises cross-border payments in the UAE, eyes expansion

Sajjad Ahmad, Deputy Business Editor

TerraPay, a global leader in cross-border payments, showcased its latest innovations at Seamless 2024. With a mission to redefine the way money moves around the world, TerraPay’s presence at the event was met with keen interest from attendees, including industry experts, financial institutions, and tech enthusiasts.

At the forefront of TerraPay’s showcase were its strategic partnerships within the UAE market. Al Ansari Exchange, the largest remittance and foreign 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.