TerraPay has registered with AUSTRAC as an Independent Remittance Provider (IRP) and a Remittance Network Provider (RNP).

With this regulatory approval, TerraPay can now operate in the Australian market while maintaining a network of local and international partners. This move aligns with the company’s mission to enhance its infrastructure and presence in Australia, Oceania, and the Pacific Islands, crucial regions for remittance, trade, and financial inclusion.

TerraPay’s Global Expansion

Australia hosts millions of migrants who contribute significantly to the global economy. As a financial hub for the Pacific, it serves as a key source of remittances to countries such as Fiji, Samoa, Tonga, Papua New Guinea, and Vanuatu. Australia also receives payments from international students, seasonal workers, SME trade settlements, and freelancers.

Recognizing that Oceania and the Asia Pacific are often underinvested despite their remittance-reliant economies, TerraPay is committed to building capabilities for sustainable access, faster transactions, and more affordable financial services. This commitment is reflected in its AUSTRAC registration, which supports partnerships with banks, fintechs, and communities to co-create solutions that simplify cross-border money movement.

Through this registration, TerraPay aims to facilitate two-way cross-border payments between Oceania and the rest of the world. This aligns with its commitment to invest in regions where inclusive and compliant financial solutions are essential.

In addition to supporting SMEs, payment service providers (PSPs), and money service businesses (MSBs) by providing access to global payout networks and local collections, TerraPay seeks to promote wallet interoperability across the region through partnerships with mobile money providers. The company also aims to build infrastructure for education, cross-border payments, B2B FX, gig economy payouts, and aid disbursements.