Blockchain payment network Terra has set up its South-east Asia hub in Singapore. The South Korea-headquartered firm has plans to expand in the region.
Terra intends to grow its on-the-ground network in Asia through strategic partnerships with local businesses, building upon existing collaborations with 25 partners across Asia, including Singapore-based e-commerce platforms Carousell and Qoo10.
Beyond attracting local talent, we also plan to acquire the applicable license from the Monetary Authority of Singapore under the Payment Services Act, said Rahul Abrol, Terra’s new head of international business and strategy. The Act is a framework for the regulation of payment systems and service providers in Singapore.
Abrol, formerly Uber’s Asia-Pacific head of strategy, has joined Terra at the new Singapore office as head of international business and strategy. The startup, which has launched in Mongolia, aims to set up operations in at least five other markets next year, including Taiwan and Thailand.
Besides its regional expansion plans, the firm plans to launch its stablecoin-powered mobile payment app in Singapore early next year. A stablecoin is a type of cryptocurrency that is price-stable and pegged to real-world assets such as the South Korean won or Singapore dollar.
The launch of Terra’s Singapore office comes about seven months after the startup secured a strategic investment from LuneX Ventures, the blockchain and crypto-focused arm of Singapore’s Golden Gate Ventures.