Terra, a blockchain payment network based in South Korea, has revealed its expansion plan for 2020 that includes opening a new hub in Singapore and obtaining a license from the Singaporean financial regulator.
Terra revealed the has already introduced its services in Mongolia with further plans for expansion in at least five countries in 2020, according to Human Resources Online.
Rahul Abrol, Terra’s Head of International Business and Strategy, said the new hub in Singapore will serve as the springboard for its business in Southeast Asia.
“My focus in 2020 will be to replicate our success in Korea internationally and Singapore is the perfect springboard to help us realise this,” Abrol said. “Beyond attracting key local talent, we also plan to acquire the applicable license from the Monetary Authority of Singapore under the Payments Service Act.”
He added that the company will be officially launching its stablecoin-powered mobile payments app in Singapore within the first few months of 2020. Terra will also be focusing on forming strategic partnerships with Singaporean firms.
Meanwhile, Abrol revealed that the new hub in Singapore will help with its business expansion plans in Taiwan and Thailand, with Terra also looking to hire local professionals to ensure a smooth localization process.
“As the Singapore team’s first hire, I’ll be leading the growth of the office in the year ahead,” Abrol said. “In Singapore, Terra is looking to immediately hire a business development lead who can grow our local eCommerce partnerships, as well as local product managers to best localise our payment service.”
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