TerraPay has appointed Ruben Salazar Genovez, the Former Global Head of Visa Direct, as its President. Genovez boasts a rich background in the payments industry, having served at Visa, Citibank, Barclays, and Mastercard.
Ambar Sur, TerraPay’s Founder and Chief Executive Officer, commented: “Ruben Salazar is an outstanding addition to our leadership team, and we are delighted to welcome him as President of TerraPay.
His extensive knowledge of the payments industry, along with his proven track record in driving global growth, will be invaluable as we continue to expand our presence worldwide.”
According to the press release, Genovez is tasked with implementing strategies to fortify TerraPay’s position in cross-border money movement and non-traditional payments.
TerraPay’s Board of Directors expressed confidence in Genovez’s capability to propel growth and broaden the company’s global footprint.
Genovez remarked: “The founders, the board, and the amazing team at TerraPay have been building the technology and connectivity to offer a global agnostic money movement network and alternative payments capabilities to support seamless cross-border transactions for our partners.”
Based in London, TerraPay facilitates global money movement through a single connection to an extensive cross-border payments network.
Last year, the company entered into a partnership with Papara, a fintech firm headquartered in Turkey. This collaboration aims to furnish users with solutions for transferring money across borders.
As Turkey’s payments sector experiences rapid expansion, this alliance marked a significant development in facilitating global transactions.
TerraPay disclosed that Turkey’s digital payments sector is set for substantial growth.
Anticipated to expand at a rate of 15% between 2023 and 2027, this growth will result in a market volume of US $136 billion by 2027.
Furthermore, TerraPay obtained a Major Payment Institution license from the Monetary Authority of Singapore last year.
This license empowers the company to provide regulated digital payment token services.
With operations spanning over 200 countries, TerraPay’s authorization in Singapore bolstered its capacity to enhance payment solutions globally.